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Prepare january journal entry to record the bond issuance

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Question - Legacy issues $710,000 of 8.0%, four year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. They are issued at $621,812 and their market rate is 12% at the issue date.

Prepare the January 1, 2015, journal entry to record the bond's issuance.

Reference no: EM132095865

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