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What is the journal entry for the city to issue the bond

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Question - On Jan. 1, 2016, the City issues a $4,000,000 10-year bond with a 4.75% contractual interest rate, to be paid annually, for the construction of a cross-town freeway. The bond was issued for $3,922,769 (discount) when the market rate was 5%. Interest payments made on January 1st. What is the journal entry for the City to issue the bond?

Reference no: EM131891131

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