Question: A bond is issued with a face value of $1,000,000 with an 8-year term. The annual market rate is 5%, with coupon rate of 4%,

A bond is issued with a face value of $1,000,000 with an 8-year term. The annual market rate is 5%, with coupon rate of 4%, and payments made annually. The journal entry to record the issuance of this bond includes a debit to blanks) in the amount of (Fill in the Discount on Bonds; $65,275 Cash; $1,000,000 Bond Payable; $934,725 Interest Expense; $65,275

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