Hogan Company issued $500,000, 8%, 10-year bonds on January 1, 2007, at 96 1/2. Interest is payable annually on January…

Hogan Company issued $500,000, 8%, 10-year bonds on January 1, 2007, at 96 1/2. Interest is payable annually on January 1. Hogan uses the straight-line method of amortization and has a calendar year end. Prepare the necessary journal entries for January 1 and December 31, 2007.

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