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Great Lake Glassware Company issues $1,121,000 of its 12%, 10-year bonds at 99 on February 28, 2018. The bonds pay interest on February 28 and
Great Lake Glassware Company issues $1,121,000 of its 12%, 10-year bonds at 99 on February 28, 2018. 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, 2018 includes a debit to Cash for $67.260 O debit to Discount on Bonds Payable for $561 O debit to Interest Expense for $66,699 O debit to Interest Expense for $67,821
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