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On the first day of its fiscal year, Ramsey Company issued $35,000,000 of 10-year, 9% bonds to finance its operations. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 11%, resulting in Ramsey Company receiving cash of$30,817,399. The company uses the interest method.
a. Journalize the entries to record the following:
- Sale of the bonds.
- First semiannual interest payment, including amortization of discount. Round to the nearest dollar.
- Second semiannual interest payment, including amortization of discount. Round to the nearest dollar.
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