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Check my work On January 1, when the market interest rate was 8 percent, Seton...

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Accounting

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Check my work On January 1, when the market interest rate was 8 percent, Seton Corporation completed a $220,000, 7 percent bond issue for $205,240. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective-interest method to amortize the bond discount. Part 1 of 2 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.) points eBook View transaction list Hint Journal entry worksheet Print Record the interest payment on December 31 References Note: Enter debits before cred its. Date General Journal Debit Credit December 31

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