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The Louisiana Company issues a $700,000 principal zero-coupon bond on January 1, 2015 . The annual effective rate is 7%, and the bond matures after

The Louisiana Company issues a $700,000 principal zero-coupon bond on January 1, 2015. The annual effective rate is 7%, and the bond matures after five (5) years. Discounting is on an annual basis.
Show the journal entry for the receipt of proceeds on January 1, 2015.
Show the journal entry Louisiana must record on December 31, 2015.

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