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Question
on january 1, sewell corporation issues $1,000,000, 5-year, 12% bonds at 96 with interest payable on january 1. the entry on december 31 to record accrued bond interest and the amortization of bond discount using the straight-line method will include a
a.debit to interest expense, $60,000
b.debit to interest expense, $120,000
c.credit to discount on bonds payable, $8,000
d.credit to discount on bonds payable, $4,000
Answer
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