Reckitt Corporation issued $600,000,14%,10-year bonds when the market rate was 11%,and received $708,351.45 in proceeds.Using the effective interest method of amortizing bond premium or discount,prepare the journal entry to record the first quarterly interest payment on March 31^st and amortization of the bond premium or discount.Round values to the nearest dollar.

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The Answer of Reckitt Corporation issued $600,000,14%,10-year bonds when the market rate was 11%,and received $708,351.45 in proceeds.Using the effective interest method of amortizing bond premium or discount,prepare the journal entry to record the first quarterly interest payment on March 31^st and amortization of the bond premium or discount.Round values to the nearest dollar.

Reckitt Corporation Issued $600,000,14%,10-Year Bonds When the Market Rate Was