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Record total interest expense for the FIRST interest period

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Question - On January 1, a business issues $100,000 face value, 5 year, 10% contract rate bonds dated January 1. Interest is payable ANNUALLY each December 31. The bonds were issued at a discount of $7,210 to reflect a market interest rate of 12%.

Required - Complete the necessary journal entries to record total interest expense for the FIRST interest period.

Reference no: EM132530724

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