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On January 1, 2024, Hoosier Corporation issued $700,000 of 12% bonds dated January 1. Interest is payable each June 30 and December 31. The market

On January 1, 2024, Hoosier Corporation issued $700,000 of 12% bonds dated January 1. Interest is payable each June 30 and December 31. The market yield for bonds of similar risk and maturity is 14%. The bonds mature in 3 years. Calculate the bond proceeds and prepare the journal entry required at issuance

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