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Entries for Issuing Bonds and Amortizing Discount by Straight - Line Method On the first day of its fiscal year, Chin Company issued $ 1

Entries for Issuing Bonds and Amortizing Discount by
Straight-Line Method On the first day of its fiscal year, Chin
Company issued $16,900,000 of five-year, 9% bonds to finance its
operations of producing and selling home improvement products.
Interest is payable semiannually. The bonds were issued at a market
(effective) interest rate of 11%, resulting in Chin receiving cash
of $15,626,135. a. Journalize the entries to record the following:
Issuance of the bonds. First semiannual interest payment. The bond
discount is combined with the semiannual interest payment. (Round
your answer to the nearest dollar.) Second semiannual interest
payment. The bond discount is combined with the semiannual interest
payment. (Round your answer to the nearest dollar.) If an amount
box does not require an entry, leave it blank. 1.

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