(Answered) Question - on the first day of the current fiscal year

Accounting

Question - On the first day of the current fiscal year, $2,000,000 of 10-year, 7% bonds, with interest payable annually, were sold for $2,125,000. Present entries to record the following transactions for the current fiscal year:

(a) Issuance of the bonds.

(b) First annual interest payment.

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