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The following information applies to questions 56 and 57: On January 1, Year 1, Picrec Corporstion issued] $25,000 in 8%, 5-year bonds at 102. Interest

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The following information applies to questions 56 and 57: On January 1, Year 1, Picrec Corporstion issued] $25,000 in 8\%, 5-year bonds at 102. Interest paymerits are due each December 31. 56) What is the correct joumal entry for the bond issuance on January 1. Year 1 ? What is the correet jourmal entry for the interest payment and amortizution on n

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