The selections for the boxes are:

Bonds Payable Cash Discount on Bonds Payable Interest Expense Interest Payable

Please write neat and show work step by step

On the first day of the fiscal year, a company issues a $716,000, 7%, 10-year bond that pays semiannual interest of $25,060 ($716,000 x 7% x 1/2), receiving cash of $751,800. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. 9