Martinez uses the effective-interest method of amortizing bond premium. At the end of the first year, Martinez

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Martinez uses the effective-interest method of amortizing bond premium.

At the end of the first year, Martinez should report bonds payable of:

(a) $3,185,130.

(c) $3,173,550.

(b) $3,184,500.

(d) $3,165,000.

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