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QUESTION
On January 1, Hurley Corporation issues $1,000,000, 5-year, 12% bonds at 96 with interest payable on January 1.
On January 1, Hurley 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 aa.debit to Interest Expense, $60,000.
