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Jefferson, Inc. issued $80,000 of 10 year, 8% bonds payable on January 1, 2010. Jefferson pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line method. The company can issue its bonds payable under various conditions.

Journalize Jefferson's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at par value, 93, 105. Which bond price results in the most interest expense for Jefferson?

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