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Question - Seven years ago, in January 20X0, Sterling issued $3,000,000 of 10-year, 9% bonds that pay interest semi-annually on June 30 and December 31. The bonds were issued when the market rate was 8%. Bond issuance costs were $200,000. The December 31, 20X6, payment of the semi-annual interest was recorded as a debit to interest expense of $135,000 and a credit to cash of $135,000.
Required -
Provide the journal entry to record the issuance of bonds.
What is the amount of interest expense and interest paid to record in June 30 and December 31, 20x6?
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