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On January 1, Canglon, Inc., issues 10%, 5-year bonds with a face value of $150,000...

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Accounting

On January 1, Canglon, Inc., issues 10%, 5-year bonds with a face value of $150,000 when the effective rate is 12%. Interest is to be paid semiannually. Assume Canglon uses the effective interest method to amortize the discount.

Required:

Prepare the journal entry to record the first interest payment.

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