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(Bonus question) Grand Company issued $800,000, 10%, 20-year bonds on January 1, 2021, at 104. Interest is payable annually on January 1. Are the bonds

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(Bonus question) Grand Company issued $800,000, 10%, 20-year bonds on January 1, 2021, at 104. Interest is payable annually on January 1. Are the bonds issued at face value, at a premium, or at a discount? How much is the premium or discount if that's the case? Prepare a journal entry on January 1 to record the bond issuance. 7 1 A E E I *

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