On the first day of the fiscal year, a company issues a $8,500,000, 7%, 6-year bond that
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Question:
On the first day of the fiscal year, a company issues a $8,500,000, 7%, 6-year bond that pays semiannual interest of $297,500 ($8,500,000 7% ), receiving cash of $8,101,134.
Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
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