Journal entreis to record first semiannual interest payment

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Reference no: EM13174070

On january 1, a company issued 10%, 10 year bonds payable with a par value of $720,000.

The bonds pay interest on July 1 and January

1. The bonds were issued for $817,860 cash, which provided the holders an annual yield of 8%.

Prepare journal entreis to record the first semiannual interest payment, assuming it uses the straight-line method of amortization

Reference no: EM13174070

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