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QUESTION
On January 1, 2016, Hackman Corporation issued $600,000 face value 6% bonds dated January 1, 2016, for $621,430.
On January 1, 2016, Hackman Corporation issued $600,000 face value 6% bonds dated January 1, 2016, for $621,430. The bonds pay interest semiannually on June 30 and December 31 and are due December 31, 2020. Hackman uses the straight-line amortization method.
Required:
Record the issuance of the bonds and the first two interest payments.
