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On the first day of the fiscal year, a company issues an $716,000, 7%, s...

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Accounting

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On the first day of the fiscal year, a company issues an $716,000, 7%, s -year bond that pays semiannual interest of $25,060 ($716,000 7% 1/2), receiving cash$673,040 Required: Journalize the entry to record the rst interest payment and the amortization of the related bond discount using the straight- ne method, Refer to the Chart of Accounts for exact wording of account tites ournalize the entry to recond the hrst interest payment and the amortization of the related cond discount using the straight-ine method on December 31. Refer to the Chart of Accounts for exact

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