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Required information Skip to question [The following information applies to the questions displayed below.] Legacy issues $740,000 of 7.5%, four-year bonds dated January 1, 2019,

Required information

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Legacy issues $740,000 of 7.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $680,186 when the market rate is 10%.

Required: 1. Prepare the January 1 journal entry to record the bonds' issuance.

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