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Company Z issued a 30-year bond on April 1, 2019 that is dated January 1, 2019. The bond was issued at par with a par

Company Z issued a 30-year bond on April 1, 2019 that is dated January 1, 2019. The bond was issued at par with a par value of $1,200,000. The bond has an annual interest rate of 4%, payable semiannually on July 1 and January 1. Record the journal entry related to the issuance of the bond as well as the first payment of interest.

Cash 1212000
Bonds Payable 1200000
Interest Expense 12000
Interest Expense 24000
Cash 24000
HOW DOES THE CASH VALUE WORK. GOT IT FROM THE ANSWER KEY!!!

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