Question: On June 1 , Year One, Braxton Company issues $ 1 0 0 , 0 0 0 in bonds payable with a stated annual interest

On June 1, Year One, Braxton Company issues $100,000 in bonds payable with a stated annual interest rate of 9 percent at face value plus accrued interest. These bonds pay interest every February 1 and August 1. The dated date for these bonds is February 1. What amount does Braxton receive and what interest expense is recognized for Year One?

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