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On January 1 of the current year, Health Corporation issues $3,000,000 5-year 8% bonds at 96 with interest payable on July 1 and January 1.

On January 1 of the current year, Health Corporation issues $3,000,000 5-year 8% bonds at 96 with interest payable on July 1 and January 1. The entry on December 31 to record accrued bond interest and the amortization of bond discount using the straight-line method will include a

debit to Interest Expense$120,000.

debit to Interest Expense$240,000.

credit to Discount on Bonds Payable$12,000.

credit to Discount on Bonds Payable$24,000.?

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