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Apr. 1 Issued $50,000 of 10 year bonds, 4% interest receiving cash of $60,000. The bond pays interest semiannually. The market rate is 3%. Oct.

Apr. 1 Issued $50,000 of 10 year bonds, 4% interest receiving cash of $60,000. The bond pays interest semiannually. The market rate is 3%. Oct. 1 Journalize the first interest payment.

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