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on january 1, a company issued and sold a $400,000, 8%, 10-year bond payable, and received proceeds of $395,000. interest is payable each june 30 and december 31. the company uses the straight-line method to amortize the discount. the journal entry to record the first interest payment is: multiple choice debit bond interest expense $32,000; credit cash $32,000. debit bond interest expense $15,750; debit discount on bonds payable $250; credit cash $16,000. debit bond interest expense $16,000; debit discount on bonds payable $250; credit cash $16,250. debit bond interest expense $16,000; credit cash $16,000. debit bond interest expense $16,250; credit cash $16,000; credit discount on bonds payable $250.
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