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A company issued 1 0 year 9 % bonds with a par value of 5 0 0 , 0 0 0 when the market rate

A company issued 10 year 9% bonds with a par value of 500,000 when the market rate was 9.5%. The issuer received $477,087 in cash proceeds. Prepare the issuers journal entry to record the bond issuance.

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