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On the first day of the fiscal year, a company issues a $714,000,8%, 10-year bond...

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Accounting

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On the first day of the fiscal year, a company issues a $714,000,8%, 10-year bond that pays semiannual interest of $28,560 (5714,000x8% x 1/2), receiving cash of $749,700 Required: Jourmalize the entry to record the first interest payment and amortization of premium using the straight-ane method. Refer to the Chart of Accounts for exact wording of account titles. Journalize the entry to record the first interest payment and amortization of premium using the straight line method on December 31. Refer to the Chart of Accounts for exact wording of accountitles . MOE 1 JOURNAL DATE DESCRIPTION POSTRE DEBIT CREDIT 1 1

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