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On the first day of the fiscal year, a company issues an $844,000, 7%, 10-year...

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Accounting

On the first day of the fiscal year, a company issues an $844,000, 7%, 10-year bond that pays semiannual interest of $29,540 ($844,000 x 7% x 1/2), receiving cash of $886,200. Journalize the entry to record the first interest payment and amortization of the premium using the straight-line method.

If an amount box does not require an entry, leave it blank.

blank Bonds PayableCashDiscount on Bonds PayableInterest ExpenseInterest PayableInterest Expense Interest Expense Interest Expense
Bonds PayableCashInterest RevenueInterest PayablePremium on Bonds PayablePremium on Bonds Payable Premium on Bonds Payable Premium on Bonds Payable
Bonds PayableCashDiscount on Bonds PayableInterest ExpensePremium on Bonds PayableCash Cash Cash

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