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On January 1, 2010, a company issued 10%, 10-year bonds payable with a par value of $720,000. The bonds pay interest on July 1 and January 1. The bonds were issued for $817,860 cash, which provided the holders an annual yield of 8%. Prepare the general journal entry to record the first semiannual interest payment, assuming the company uses the straight-line method of amortization.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M944945

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