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

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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 $950,000, 7%, 5-year bond that pays semiannual interest of $33,250 ($950,000 x 7% × 1/2), receiving cash of $884,175. Journalize the entry to record the issuance of the bonds. 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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