On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannually, were sold for $1,050,000.

On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannually, were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:

(a) Issuance of the bonds

(b) First semiannual interest payment and amortization of bond premium, using the straight-line method of amortization.