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On the first day of the fiscal year, a company issues a $2,750,000,8%, five-year bond that pays semiannual interest of $110,000($2,750,0008%1/2), receiving cash of $2,938,110.
On the first day of the fiscal year, a company issues a $2,750,000,8%, five-year bond that pays semiannual interest of $110,000($2,750,0008%1/2), receiving cash of $2,938,110. Journalize the bond issuance on January 1. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger
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