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On January 1 , 2 0 2 1 , White Water issues $ 4 7 0 , 0 0 0 of 7 % bonds, due

On January 1,2021, White Water issues $470,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year.
Assuming the market interest rate on the issue date is 8%, the bonds will issue at $438,461.
2. Record the bond issue on January 1,2021, and the first two interest payments on December 31,2021, and December 31,2022.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.)

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