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On the first day of its fiscal year, Jacinto Company issued $24,100,000 of five-year, 7%...

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Accounting

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On the first day of its fiscal year, Jacinto Company issued $24,100,000 of five-year, 7% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 8%, resulting in Jacinto Company receiving cash of $23,122,540. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount amortization is combined with the semiannual interest payment. 3. Second semiannual interest payment. The bond discount amortization is combined with the semiannuat interest payment. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar

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