Prepare the journal entry to record first interest payment

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Reference no: EM132219601

Question - On January 1, Canglon, Inc., issues 10%, 5-year bonds with a face value of $150,000 when the effective rate is 12%. Interest is to be paid semiannually. Canglon uses the interest method to amortize the discount.

Required - Prepare the journal entry to record the first interest payment.

Reference no: EM132219601

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