On the first day of the fiscal year, a company issues a $689,000, 9%, 10-year bond that pays semi-annual
On the first day of the fiscal year, a company issues a $689,000, 9%, 10-year bond that pays semi-annual interest of $31,005 ($689,000 x 9% x 1/2), receiving cash of $723,500. Journalize the entry to record the first interest payment…