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Issuing bonds at a discount On the first day of the fiscal year, a...

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Accounting

Issuing bonds at a discount
On the first day of the fiscal year, a company issues a $7,400,000,8%,7-year bond that pays semiannual interest of $296,000($7,400,0008%12), receiving cash of $7,021,757.
Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
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