Business, 20.06.2020 20:57, ayowazzzgood

On January 1, a company issues bonds dated January 1 with a par value of $350,000. 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 $364,930. 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 $350,000. The bonds mature...