Question: Using the bond from Basic Exercise 11-4, journalize the first interest payment and the amortization of the related bond premium. Data from 11-4: On the

Using the bond from Basic Exercise 11-4, journalize the first interest payment and the amortization of the related bond premium.

Data from 11-4:

On the first day of the fiscal year, a company issues a $5,000,000, 7%, five-year bond that pays semiannual interest of $175,000 ($5,000,000 × 7% × ½), receiving cash of $5,400,000.

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