Homework answers / question archive / Discount Amortization On the first day of the fiscal year, a company issues a $3,000,000, 7%, 5-year bond that pays semiannual interest of $105,000 ($3,000,000 × 7% × ½), receiving cash of $2,762,617

Discount Amortization On the first day of the fiscal year, a company issues a $3,000,000, 7%, 5-year bond that pays semiannual interest of $105,000 ($3,000,000 × 7% × ½), receiving cash of $2,762,617

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Discount Amortization

On the first day of the fiscal year, a company issues a $3,000,000, 7%, 5-year bond that pays semiannual interest of $105,000 ($3,000,000 × 7% × ½), receiving cash of $2,762,617.

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.