(Answered) On january 1 the first day of the fiscal year a company

Finance

On January 1, the first day of the fiscal year, a company issues a $1,550,000, 12%, five-year bond that pays semiannual interest of $93,000 ($1,550,000 × 12% × ½), receiving cash of $1,503,140.

Journalize the first interest payment and the amortization of the related bond discount.

Round to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles.

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