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Premium Amortization On the first day of the fiscal year, a company issues a $7,000,000,...

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Accounting

Premium Amortization On the first day of the fiscal year, a company issues a $7,000,000, 6%, 4-year bond that pays semiannual interest of $210,000 ($7,000,000 6% ), receiving cash of $7,250,955. Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.

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