On July 1, 2010, Brower Industries Inc. issued $32,000,000 of 10-year, 12% bonds at aneffective interest rate of 13%, receiving cash of $30,237, 139. Interest on the bonds ispayable semiannually on December 31 and June 30. The fiscal year of the company isthe calendar year.Instructions1. Journalize the entry to record the amount of cash proceeds from the sale of thebonds.2. Journalize the entries to record the following:a. The first semiannual interest payment on December 31, 2010, and the amortizationof the bond discount, using the straight-line method. (Round to the nearestdollar.)b. The interest payment on June 30, 2011, and the amortization of the bond discount,using the straight-line method. (Round to the nearest dollar.)
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