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Jan 1, 2017, Ky Corporation issues $4,000,000 of 10 percent, five year bonds at 92.79. Interest is paid ANNUALLY, and the effective interest rate of

Jan 1, 2017, Ky Corporation issues $4,000,000 of 10 percent, five year bonds at 92.79. Interest is paid ANNUALLY, and the effective interest rate of 12% is used for amortization.

What amount was received for the bonds?

Make Journal entries for the Jan 1 issuance of the bond and the first two interest transactions: December 31, 2017 (accrual) and Dec 31, 2018 (accrual).

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