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XYZ Corporation issued $1,000,000 of 5-year bonds on fanuary 1, 2023, with a sated interest rate of 6% The bonds pay interest annually on December

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XYZ Corporation issued $1,000,000 of 5-year bonds on fanuary 1, 2023, with a sated interest rate of 6% The bonds pay interest annually on December 31st. The bonds were sold at a discount of 579,854.20. resulting in an effective vield of g\%. The company uses the effective interet method for amortizition of the discount. Arswer the following questions based on this informaton. What is the initial journal entry to record the bond issuance

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