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Question: General Motors issued a $750,000 bond payable with a stated interest rate of 7% annually. Calculate the amount of interest expense for the first

·Question: General Motors issued a $750,000 bond payable with a stated interest rate of 7% annually. Calculate the amount of interest expense for the first year and provide the journal entry to record the interest expense.

Requirements:

Calculate the amount of interest expense for the first year.
Provide the journal entry to record the interest expense.

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