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Nash Inc. A private company following ASPE issued $120 000,5year bond on January1,2024 paying 4% interest on semi annual basis every January 1 and July

Nash Inc. A private company following ASPE issued $120 000,5year bond on January1,2024 paying 4% interest on semi annual basis every January 1 and July 1.Prepare the first year journal entries for the bond issue and interest expense assuming the company uses straight line amortization method, a market interest rate of 5% and has a year end of December 31,2024

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