On May 1, Saxophone Corp. issued $300,000, 9%, 10-year bonds for $281,307 when the market rate was
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On May 1, Saxophone Corp. issued $300,000, 9%, 10-year bonds for $281,307 when the market rate was 10%. Prepare the general journal entry for the first semiannual interest payment and bond discount amortization on November 1, using the effective interest method.
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