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On the first day of the fiscal year, a company issues an $704,000, 6%, 5-year bond...

On the first day of the fiscal year, a company issues an $704,000, 6%, 5-year bond that pays semiannual interest of $21,120 ($704,000 x 6% x 1/2), receiving cash of $661,800. Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method.

If an amount box does not require an entry, leave it blank.

  

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The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

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