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Question(s) / Instruction(s):

On January 1, Sewell Corporation issues $1,000,000, 5-year, and 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 a

A.            credit to Discount on Bonds Payable, $8,000

B.            debit to Interest Expense, $60,000

C.            debit to Interest Expense, $120,000

D.            credit to Discount on Bonds Payable, $4,000

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