Maier Investment Corporation issued $700,000 of 6%, six-year bonds for $735,902 on July 1, 2017, the day the bonds were dated. The market interest rate was 5%. Interest is paid semiannually beginning December 31, 2017. Maier uses the effective interest method to amortize bond discounts and premiums. Record the issuance of the bonds and the first payment of interest.