On January 1, the first day of the fiscal year, a company issues a $1,550,000, 12%, five-year bond that pays semiannual interest of $93,000 ($1,550,000 × 12% × ½), receiving cash of $1,503,140.
Journalize the first interest payment and the amortization of the related bond discount.
Round to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles.