Journal the issuance and first quarters interest payment, Financial Accounting

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Journal the issuance and first quarters interest payment

Problem

The company issues bonds with a face value of $100,000 and a stated interest rate of 5%, Paid quarterly, at 95. The current market rate of interest is 6%. the company uses the effective interest rate method. Journal the issuance and 1st quarters interest payment assuming the company issues quarterly financial statements.

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Financial Accounting: Journal the issuance and first quarters interest payment

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