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Journalize the first interest payment of related bond

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Reference no: EM132938346

On the first day of the fiscal year, a company issues a $5,300,000, 8%, five-year bond that pays semiannual interest of $212,000 ($5,300,000 × 8% × ½), receiving cash of $5,520,390.

Problem 1: Journalize the first interest payment and the amortization of the related bond premium.

Reference no: EM132938346

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