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Question: issuing bonds at a premium on the first day of...

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Issuing Bonds at a Premium

On the first day of the fiscal year, a company issues a $1,300,000, 10%, 10-year bond that pays semiannual interest of $65,000 ($1,300,000 × 10% × ½), receiving cash of $1,476,674.

Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

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