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On the first day of the fiscal year, a company issues a $754,000, 7%, 10-year...

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Accounting

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On the first day of the fiscal year, a company issues a $754,000, 7%, 10-year bond that pays semiannual interest of $26,390 ($754,000 x 7% x 1/2)r receiving cash of $791,700. 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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