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Given the following data, journalize the entry for interest expense and any related amortization on July 1 of the first year using the effective interest

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Given the following data, journalize the entry for interest expense and any related amortization on July 1 of the first year using the effective interest rate method. The bonds were issued on January 1 for $7,411,233. Bonds payable, maturing in 10 years =$8,000,000 Contract interest rate =5% Market (effective) interest rate =6%

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