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Given the following data, prepare the journal entry to record interest expense and any related...

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Accounting

Given the following data, prepare the journal entry to record interest expense and any related amortization on December 31st of the first year using the effective method. Assume interest is paid annually on January 1.

The Bonds were issued on Jan. 1 for $7,411,233

Bonds Payable $8,000,000 (matures in 10 years)

Contract Rate=5%

Yield=6%

Round answers to nearest dollar.....

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