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On January 1, the first day of the fiscal year, a company issues a $1,200,000, 9%, Five year bond that pays semiannual interest of $54,000
On January 1, the first day of the fiscal year, a company issues a $1,200,000, 9%, Five year bond that pays semiannual interest of $54,000 ($1,200,000x9%x1/2), receiving cash of $1,153,670.
Journalize the bond issuance.
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