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On December 31, 2020, the Company issued $600,000 of 10 year, 6% bonds payable for $624,000, yielding an effective interest rate of 5.75%. Interest is

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On December 31, 2020, the Company issued $600,000 of 10 year, 6% bonds payable for $624,000, yielding an effective interest rate of 5.75%. Interest is payable annually on December 31" of each year. Show the entry for the issuance of the bonds, and the annual payment of interest on December 21, 2021

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