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Question: IBM Corporation issued a $2,000,000 bond payable with a stated interest rate of 5% annually. Calculate the amount of interest expense for the first

·Question: IBM Corporation issued a $2,000,000 bond payable with a stated interest rate of 5% 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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