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On January 1, a business issues $100,000 face value, 5 year, 10% contract rate bonds...

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Accounting

On January 1, a business issues $100,000 face value, 5 year, 10% contract rate bonds dated January 1. Interest is payable ANNUALLY each December 31. The bonds were issued at a premium of $7,985 to reflect a market interest rate of 8%.

Prepare any necessary journal entries to record total interest expense for the FIRST interest period.

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