Question: A company issues a $10,000,000, 11%, five-year bond that pays semiannual interest of $550,000 ($10,000,000 11% 12), receiving cash of $10,386,060 for an

A company issues a $10,000,000, 11%, five-year bond that pays semiannual interest of $550,000 ($10,000,000 × 11% × 1⁄2), receiving cash of $10,386,060 for an effective interest rate of 10%. Journalize the bond issuance.

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