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Discount Amortization On the first day of the fiscal year, a company issues a $2,100,000,...

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Accounting

Discount Amortization

On the first day of the fiscal year, a company issues a $2,100,000, 12%, 7-year bond that pays semiannual interest of $126,000 ($2,100,000 12% ), receiving cash of $1,832,590.

Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.

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