Business, 12.08.2020 05:01 Anliz0179

On January 1, a company issues bonds dated January 1 with a par value of $320,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 6% and the bonds are sold for $333,650. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.)

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On January 1, a company issues bonds dated January 1 with a par value of $320,000. The bonds mature...

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