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On the first day of the fiscal year, a company issues a $500,000, 8%, 10-year bond that pays semiannual interest of $20,000 ($500,000 8% 1/2),
On the first day of the fiscal year, a company issues a $500,000, 8%, 10-year bond that pays semiannual interest of $20,000 ($500,000 8% 1/2), receiving cash of $530,000.
Journalize the entry to record the issuance of the bonds on January 1. Refer to the Chart of Accounts for exact wording of account titles. This Journal should have 3 rows, be sure to include correct dates as well.
Chart of Accounts.
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