Use the following tables to calculate the present value of a $770,000 @ 6%, 5-year bond that pays $46,200 interest annually, if the market rate of interest is 7%. Round to the nearest dollar Present Value of $1 Present Value of Annuity of $1 Periods 5 % 6 % 7 % 10 % Periods 5 % 6 % 7 % 10 % 1 .95238 .94340 .93458 .90909 1 .95238 .94340 93458 .90909 2 .90703 .89000 .87344 .82645 2 1.85941 1.83339 1.80802 1.73554 3 .86384 .83962 .81630 .75131 1 3 2.72325 2.67301 2.62432 2.48685 4 82270 .79209 .76290 .68301 1 4 3.54595 3.46511 3.38721 3.16987 5 .78353 .74726 .71299 .62092 5 4.32948 4.21236 4,10020 3.79079 6 -74622 .70496 .66634 .56447 6 5.07569 4.91732 4.76654 4.35526 7 .71068 .66506 .62275 .513161 7 5.78637 5.58238 5.38929 4.86842 8 .67684 .62741 .58201 .46651 8 6.46321 6.20979 5.97130 5.33493 9 .64461 .59190 .54393 42410 9 7.10782 6.80169 6.51523 5.75902 10 .61391 .55839 .50835 .38554 10 7.72173 7.36009 7.02358 6.14457 On the first day of the fiscal year, a company issues $617,000, 6%, 10-year bond that pays semiannual interest of $18,510 ($617,000 x 6% x 1/2), receiving cash of $647,900. 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. Interest Expense 15,420 Premium on Bonds Payable 3,090 Cash 18,510