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5. On the first day of the fiscal year, a company issues a $5,400,000, 7%,...

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Accounting

5. On the first day of the fiscal year, a company issues a $5,400,000, 7%, 9-year bond that pays semiannual interest of $189,000 ($5,400,000 7% ), receiving cash of $6,175,079. 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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