Dean Plumbing issues $1,000,000 face value, noninterest-bearing bonds on January 1, 2021. The bonds are issued at

Question:

Dean Plumbing issues $1,000,000 face value, noninterest-bearing bonds on January 1, 2021. The bonds are issued at 65 and mature on December 31, 2024.
Required:
Assuming the straight-line amortization method is followed, prepare the journal entry on
December 31, 2023.

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