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Jehan Corporation issued a $1,000,000, 5-year bond on January 1, 2023, with an annual coupon rate of 8%. The bond pays interest annually on December

Jehan Corporation issued a $1,000,000, 5-year bond on January 1, 2023, with an annual coupon rate of 8%. The bond pays interest annually on December 31. The market interest rate at the time of issuance was 7%. Calculate the bond's issue price and prepare the journal entry for the bond issuance.

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