On the first day of the fiscal year ending December 31, 2010, a company issues a $1,000,000, 7%, 5 year bond that pays semi-annual interest of

On the first day of the fiscal year ending December 31, 2010, a company issues a $1,000,000, 7%, 5 year bond that pays semi-annual interest of $35,000 ($1,000,000 „e 7% „e 1/2), receiving cash of $884,171. Journalize the entry to record the issuance of the bonds.