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On December 31, 2020, when the market rate was 8%, Olde West Corp issued $2,000,000, 10%, 5-year bonds. Interest is payable semiannually on June 30

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On December 31, 2020, when the market rate was 8%, Olde West Corp issued $2,000,000, 10%, 5-year bonds. Interest is payable semiannually on June 30 and December 31. Prepare a journal entry to record the issuance of the bonds. Show the values you enter in your calculator for N, 1/Y, PMT, FV. If you are using the PV tables, show the values for n, i and the PV factor

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