On the first day of the fiscal year, a company issues a $3,000,000, 11%, 5-year bond that

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On the first day of the fiscal year, a company issues a $3,000,000, 11%, 5-year bond that pays semiannual interest of $165,000 ($3,000,000 × 11% × ½), receiving cash of $2,889,599. Journalize the bond issuance entry.

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Accounting

ISBN: 978-1285743615

26th edition

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

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Question Posted: Oct 27, 2016 02:03 AM

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On the first day of the fiscal year, a company issues a $3,000,000, 11%, 5-year bond that

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