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Legacy issues $640,000 of 8.5%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at

Legacy issues $640,000 of 8.5%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $570,443 when the market rate is 12%.

4. Prepare the journal entries to record the first two interest payments.

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