Journal entry-first semiannual interest payment

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On January 1, 2007, a company issued 10%, 10-year bonds payable with a par value of $720,000. The bonds pay interest each July 1 and January 1. The bonds were sold for $817,860 cash, which provides the holders an annual yield of 8%. Prepare the issuer's journal entry to record the first semiannual interest payment assuming the effective interest method is used.

Reference no: EM13153724

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