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Waveland Corporation issued a $1,200,000 in bonds which mature in 8 years. The bonds pay an annual coupon rate of 12%. Interest payments are made

Waveland Corporation issued a $1,200,000 in bonds which mature in 8 years. The bonds pay an annual coupon rate of 12%. Interest payments are made semi-annually. The current market rate for similar bonds is 10%. The bonds sell for $1,330,053.

Show the journal entries for the bond issuance, first interest payment, and bond retirement at maturity

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