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Journalize the entry to record the issuance of the bonds

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Question - On the first day of the fiscal year, a company issues a $1,000,000, five year bond that pays semiannual interest of $30,000, receiving cash of $936,420.

Required -

1. Journalize the entry to record the issuance of the bonds.

2. Journalize the first interest payment and the amortization of the related bond issue above.

Reference no: EM132536729

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