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Pretzelmania, Inc., issues 6%, 10-year bonds with a face amount of $60,000 for $55,736 on...

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Accounting

Pretzelmania, Inc., issues 6%, 10-year bonds with a face amount of $60,000 for $55,736 on January 1, 2018. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually on June 30 and December 31.

Record the bond issue and first interest payment on June 30, 2018.

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