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Prepare the journal entry to record the bond payable

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On January 1, 2013, a company issued and sold a $400,000, 7%, 10-year bond payable and received proceeds of $396,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. Prepare the journal entry to record the bond payable and the journal entry to record the first interest payment.

Reference no: EM132044104

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