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Bond Discount, Entries for Bonds Payable Transactions On July 1, 2011, Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10% bonds

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Bond Discount, Entries for Bonds Payable Transactions On July 1, 2011, Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $42,309,236. Interest on the bends is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required:

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