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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 $980,000, 7%, five-year bond that pays semiannual interest of $34,300 ($980,000 × 7% × 1/2), receiving cash of $884,176.

Required - Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM132558538

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