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Required information The following information applies to the questions displayed below. [The following information applies...

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Accounting

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Required information The following information applies to the questions displayed below. [The following information applies to the questions displayed below] On January 1, when the market interest rate was 8 percent, Seton Corporation completed a $250,000, 7 percent bond issue for $233,227. The bonds pay interest each December 31 and mature in 10 years. Seton amortizes the bond discount using the straight-line method Required 1.& 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.) View transaction list Journal entry worksneet 2 Record the interest payment on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 nterest Expense Discount on Bonds Payable Cash Record entr Clear ent View general journal

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