Bellevue Corp. issued $600,000 of 6%, four-year bonds for $579,224

Bellevue Corp. issued $600,000 of 6%, four-year bonds for $579,224 on July 1, 2014, the day the bonds were dated. The market interest rate on this date was 7%. Interest is paid quarterly beginning October 1, 2014. Bellevue uses the effective interest method to amortize bond discounts and premiums. Record the issuance of the bonds and the first payment of interest.

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