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On the first day of the fiscal year a company issues a

Question - On the first day of the fiscal year, a company issues a $3,800,000, 12%, 8-year bond that pays semiannual interest of $228,000 ($3,800,000 × 12% × ½), receiving cash of $3,441,027.

Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.

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Accounting Basics: On the first day of the fiscal year a company issues a

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