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Mastercard Incorporated issued 7%, 7-year bonds with a face value of $500,000. The market interest rate is 6%. Calculate the selling price of the bonds

· Mastercard Incorporated issued 7%, 7-year bonds with a face value of $500,000. The market interest rate is 6%. Calculate the selling price of the bonds and the total amount of interest expense over the life of the bonds using the effective interest method. Additionally, record the journal entry to recognize the issuance of the bonds.

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