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Prepare journal entries to record first interest payments

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Problem - Straight-Line: Amortization of bond premium and discount

Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $292,181 and their market rate is 8% at the issue date.

Required - Prepare the journal entries to record the first two interest payments.

Reference no: EM132531514

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