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Great Lake Glassware Company issues $1,035,000 of its 8%, 10-year bonds at 96 on February 28, 2024. The bonds pay interest on February 28
Great Lake Glassware Company issues $1,035,000 of its 8%, 10-year bonds at 96 on February 28, 2024. The bonds pay interest on February 28 and August 31. Assume that Great Lake uses the straight-line method for amortization. The journal entry to record the first interest payment on August 31, 2024 includes a A. debit to Interest Expense for $39,330 B. debit to Cash for $41,400 C. debit to Interest Expense for $43,470 D. debit to Discount on Bonds Payable for $2,070
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