Journalize the entry to record the amount of cash proceeds

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On July 1, 20Y1, Danzer Industries Inc. issued $50,000,000 of 10-year, 8% bonds at a market (effective) interest rate of 10%, receiving cash of $43,768,920. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.

Required:

Problem 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

Reference no: EM132752904

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