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On January 1, the first day of the fiscal year, a company issues a $1,550,000,...

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Accounting

On January 1, the first day of the fiscal year, a company issues a $1,550,000, 12%, five-year bond that pays semiannual interest of $93,000 ($1,550,000 12% ), receiving cash of $1,503,140. Required: Journalize the first interest payment and the amortization of the related bond discount. Refer to the chart of accounts for the exact wording of the account titles.

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