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On January 1, 2019, North Company issued $2,000,000 of bonds with a stated rate of 10% that are due to mature December 31, 2025, and

On January 1, 2019, North Company issued $2,000,000 of bonds with a stated rate of 10% that are due to mature December 31, 2025, and pay interest semiannually. The market rate of interest was 9% at the date of issuance. Prepare the journal entry for the sale of the bonds on January 1, 2019.

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