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On January 1, the first day of the fiscal year, a company issues an $8,000,000,...

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Accounting

On January 1, the first day of the fiscal year, a company issues an $8,000,000, 11%, five-year bond

A form of an interest-bearing note used by corporations to borrow on a long-term basis.

that pays semiannual interest of $440,000 ($8,000,000 x 11% x ), receiving cash of $8,308,869.

Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar.

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