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Prepare the journal entries for the first year. Part VIII: Bonds Payable Expansion Company issues bonds payable on January 1, 2021. The bonds go for

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  1. Prepare the journal entries for the first year.
Part VIII: Bonds Payable Expansion Company issues bonds payable on January 1, 2021. The bonds go for 7 years. Interest payments will be made once a year on December 31. The stated (coupon) interest rate is 7%. The market (effective) interest rate is 9%. The face value (principal amount) is $10,000,000

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