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Duvall Co. issues four-year bonds with a $103,000 par value on January 1, 2017, at...

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Accounting

Duvall Co. issues four-year bonds with a $103,000 par value on January 1, 2017, at a price of $99,000. The annual contract rate is 6%, and interest is paid semiannually on June 30 and December 31.

Prepare journal entries to record the first two interest payments. (Round your answers to the nearest dollar amount)

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