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On the first day of the fiscal year, a company issues a $921,000, 7%, 10-year...

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Accounting

On the first day of the fiscal year, a company issues a $921,000, 7%, 10-year bond that pays semiannual interest of $32,235 ($921,000 x 7% x 1/2), receiving cash of $967,100. 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

Premium on Bonds Payable

Cash

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