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On the first day of the fiscal year, a company issues a $787,000, 6%, 10-year bond that pays semiannual interest of $23,610 ($787,000 x 6%

On the first day of the fiscal year, a company issues a $787,000, 6%, 10-year bond that pays semiannual interest of $23,610 ($787,000 x 6% x 1/2), receiving cash of $826,400. Journalize the entry to record the first interest payment and amortization of discount/premium using the straight-line method. If an amount box does not require an entry, leave it blank or enter "0". Interest Expense x Premium on Bonds Payable 1,970 V Cashv 23,610image text in transcribed

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