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Cornerstone Exercise 9-29 (Algorithmic) Debt Issued at a Premium (Straight line) On January 1, 2020, Tronman Steel issued $400,000, 8-year bonds for $868,000. The stated

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Cornerstone Exercise 9-29 (Algorithmic) Debt Issued at a Premium (Straight line) On January 1, 2020, Tronman Steel issued $400,000, 8-year bonds for $868,000. The stated rate of interest was 6% and interest is paid annually on December 31. Required: Prepare the necessary Journal entry on December 31, 2023, assuming the straight-line method is followed 2023 Dec. 31 (Record interest expense)

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