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Hernandez company issued $380,000, 7%, 10-year bonds on January 1, 2022, for $407,968. This price resulted in an effective-interest rate of 6% on the bonds.

Hernandez company issued $380,000, 7%, 10-year bonds on January 1, 2022, for $407,968. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1. Hernandez uses the effective-interest method to amortize bond premium or discount. prepare the journal entry to record the issuance of the bonds.

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