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On the first day of the fiscal year, a company issues a $1,000,000, 7%, 5-year...

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Accounting

On the first day of the fiscal year, a company issues a $1,000,000, 7%, 5-year bond that pays semiannual interest of $35,000 ($1,000,000 7% 1/2), receiving cash of $884,172. Journalize the entry to record the issuance of the bonds

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