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On the first day of the fiscal year, a company issues a $758,000, 12%, 10-year...

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Accounting

On the first day of the fiscal year, a company issues a $758,000, 12%, 10-year bond that pays semiannual interest of $45,480 ($758,000 x 12% x 1/2), receiving cash of $795,900. Journalize the entry for the first interest payment and amortization of premium using the straight-line method.

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