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Required: 1. Prepare the January 1 journal entry to record the bonds issuance. View transaction list Journal entry worksheetLegacy issues $560,000 of 9.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $507,831 when the market rate is 12%.

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Answer #1
Date Account Debit Credit
Jan 1 Cash 507,831
Discount on bonds payable 52,169
Bonds payable 560,000
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