On the first day of the fiscal year, a company issues a $1,500,000, 8%, five-year bond that

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On the first day of the fiscal year, a company issues a $1,500,000, 8%, five-year bond that pays semiannual interest of $60,000 ($1,500,000 × 8% × ½), receiving cash of $1,330,403.
Journalize the bond issuance.

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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Jul 17, 2012 01:15 AM

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On the first day of the fiscal year, a company issues a $1,500,000, 8%, five-year bond that

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