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Question 1 (6 marks) On May 1, 2023, Franco Industries issued eight-year. 8%,$2,000,000 bonds that pay interest semiannually on May 1 and November 1 .

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Question 1 (6 marks) On May 1, 2023, Franco Industries issued eight-year. 8%,$2,000,000 bonds that pay interest semiannually on May 1 and November 1 . The market rate of similar instruments on the date of issue was 6%. Franco Industries has a year-end of December 31. Required: Prepare all the journal entries required up to December 31, 2024

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