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On January 1, 2022, Travel Corporation issued 9%, 10-year bonds, with a par value of $500,000 when the market rate was 9.5%. The issuer received

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On January 1, 2022, Travel Corporation issued 9%, 10-year bonds, with a par value of $500,000 when the market rate was 9.5%. The issuer received $484,087 in cash proceeds. Interest is to be paid semiannually on each June 30 and December 31. (a) Prepare the general journal entry to record the issuance of the bonds on January 1, 2022. (b) Show how the bonds would be reported on the company's balance sheet at January 1, 2022. (c) Assume the company uses the straight-line method of amortization of any discount or premium on bonds. Prepare the general journal entry to record the first semiannual interest payment on June 30, 2022

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