On January 1, 2016, Hackman Corporation issued $1,400,000 face value 12% bonds dated January 1, 2016, for $1,423,060. 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.
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On January 1, 2016, Hackman Corporation issued $1,400,000 face value 12% bonds dated January 1, 2016...
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