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Bryant Inc. issues 10-year bonds with a face value of $8,000,000 and a stated annual interest rate of 2%. The bonds pay interest annually on

  1. Bryant Inc. issues 10-year bonds with a face value of $8,000,000 and a stated annual interest rate of 2%. The bonds pay interest annually on December 31. The annual market rate of interest on the date of issue is 3%. Provide the journal entry that the company will make to record the bond issue.

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