On January 1, 2017, Agee Company issued $85,000 of five-year, 8% bonds when the market interest rate was 12%. The issue price of the bonds was $62,401. Agee uses the effective-interest method of amortization for bond discount. Semiannual interest payments are made on June 30 and December 31 of each year.
Required:
What is the correct journal entry to record the first interest payment?
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On January 1, 2017, Agee Company issued $85,000 of five-year, 8% bonds when the market interest rate...
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