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On May 1, 2022, Pharoah Corp. issued $560,000, 6%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay interest annually

On May 1, 2022, Pharoah Corp. issued $560,000, 6%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay interest annually on May 1. Financial statements are prepared annually on December 31.

Prepare the journal entry to record payment of interest on May 1, 2023

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