12. On January 1, Sheffield Corp. issued $7400000, 9% bonds for $7881000. The market rate of interest for these bonds is 8%. Interest is payable annually on December 31. Sheffield uses the effective-interest method of amortizing bond premium. At the end of the first year, Sheffieldshould report unamortized bond premium of:

$445480

$423480

$446740

$333000

10. On July 1, 2021, Crane Company issued 3000 of its 9%, $1,000 bonds at 98 plus accrued interest. The bonds are dated April 1, 2021 and mature on April 1, 2031. Interest is payable semiannually on April 1 and October 1. What amount did Crane receive from the bond issuance?

$2940000

$3000000

$3007500

$2840000