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On January 1,2023, a company issued 5-year, 7% bonds with a par value of $400,000....

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Accounting

On January 1,2023, a company issued 5-year, 7% bonds with a par value of $400,000. The market rate when the bonds were issued was 6.5%. The bonds pay interest semiannually, and the company received $408,422 for the bond
d. Journalize the redemption of the bond on its maturity date.
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