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Journalize the first interest payment

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Question - Premium Amortization

On the first day of the fiscal year, a company issues a $5,000,000, 7%, five-year bond that pays semiannual interest of $175,000 ($5,000,000 × 7% × 1/2), receiving cash of $5,400,000.

Journalize the first interest payment and the amortization of the related bond premium. If an amount box does not require an entry, leave it blank.

Reference no: EM132425732

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