Using the bond from Practice Exercise 14-5B, journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar.

Data from Exercise 14-5B,

On the first day of the fiscal year, a company issues an $5,300,000, 8%, five-year bond that pays semiannual interest of $212,000 ($5,300,000 × 8% × ½), receiving cash of $5,520,390. Journalize the bond issuance.