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Discount Amortization On the first day of the fiscal year, a company issues a $8,200,000, 7%, 8-year bond that pays semiannual interest of $287,000 ($8,200,000

Discount Amortization

On the first day of the fiscal year, a company issues a $8,200,000, 7%, 8-year bond that pays semiannual interest of $287,000 ($8,200,000 7% ), receiving cash of $6,866,954.

Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.

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