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January 2 2 : Issued $ 7 5 , 0 0 0 of 6 % term bonds due on January 1 , 2 0 2

January 22: Issued $75,000 of 6% term bonds due on January 1,2025(10 periods) with interest payable each June 30 and December 31. Investors require an effective interest rate of 8%. Record the entries for issuance of the bond.

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