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Coral Sans Marina issued 100 ten year bonds on July 1, 2006. Effective interest rate is 6% on the bonds. The face value of the

Coral Sans Marina issued 100 ten year bonds on July 1, 2006. Effective interest rate is 6% on the bonds. The face value of the bond is $1,000. Annual interest rate is 8%. 1) Prepare the journal entry that would be recorded on July 1, 2006 when the bonds are issued.

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