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Dubbin Ltd issues $3 million in 5-year, 8%, semi-annual coupon debentures. The rate of return...

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Accounting

Dubbin Ltd issues $3 million in 5-year, 8%, semi-annual coupon debentures. The rate of return required by the market is 6% per annum. What is the journal entry to record the issue of the debentures (rounded to the nearest dollar)?

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