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Journalize the first interest payment

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Question - On the first day of the fiscal year, a company issues a $7,000,000, 12%, 8-year bond that pays semiannual interest of $420,000 ($7,000,000 × 12% × ½), receiving cash of $6,658,128. Journalize the first interest payment and the amortization of the related bond discount.

Reference no: EM133065405

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