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RAVEN Corp. issued $1,000,000 in 10%, 10-year semi-annual coupon bonds on March 1, 20X1 at 102. What is the entry to record the interest payment on August 31, 20X1 assuming straight line amortization?
Debit interest expense \$50,000, credit checking account \$50,000.
Debit interest expense \$49,000, debit premium on bonds payable \$1,000, credit checking account \$50,000.
Debit interest expense \$100,000, credit checking account \$100,000.
Debit interest expense \$10,000, credit checking account \$10,000.
Box 1:
Select the best answer
Debit interest expense \$49,000, debit premium on bonds payable \$1,000, credit checking account \$50,000.
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