Premium Amortization On the first day of the fiscal year, a company issues a $8,000,000, 6%, 7-year bond that pays semiannual interest of $240,000 ($8,000,000 x 6% × %), receiving cash of $9,505,204. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.