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REQUIRED: Journalize all six entries for the dates that follow: On January 1, Afsaneh Corporation issued 10,000,000 of 5-year, 7% bonds. The bonds were issued

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REQUIRED: Journalize all six entries for the dates that follow: On January 1, Afsaneh Corporation issued 10,000,000 of 5-year, 7% bonds. The bonds were issued at a market interest rate of 8%, resulting in Afsaneh Corporation receiving $9,594,415. Interest is paid July 1 and January 1. Jan. 1 Issuance of the bonds July 1 Paid the interest on the bonds using straight line amortization Dec. 31 Recorded interest at year end, calendar year end Then, on May 1, they issued an additional $900,000 of 10-year, 7% bonds at face value, with interest payable on May 1 and November 1. The fiscal year of the company is a calendar year. May 1 Issuance of the bonds at their face amounts Nov. 1 Paid the interest Dec. 31 Recorded accrued interest at year end

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