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Journalize the entry to record the first interest payment

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Problem

On July 1, a company issues a $698,000, 6%, 5-year bond that pays semiannual interest of $20, 940 ($698,000 times 6% times 1/2), receiving cash of $656, 120.

Required: Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight line method.

Reference no: EM131891364

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