Question: On the first day of the fiscal year, a company issues a $7,900,000, 10%, 9-year bond that pays semiannual interest of $395,000 ($7,900,000 x

On the first day of the fiscal year, a company issues a $7,900,000, 10%, 9-year bond that pays semiannual interest of $395,000 ($7,900,000 x 10% x 2), receiving cash of $8,900,086. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

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