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Issuing bonds at a premium

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Instructions

On the first day of the fiscal year, a company issues a $$2,000,000,5\%,$ five$-$year bond that pays semiannual interest of $$50,000($$$2,000,0005\%\frac{1}{2}),$ receiving cash of $$2,102,260.$

Journalize the bond issuance on January $1.$ Refer to the Chart of Accounts for exact wording of account titles.