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ABC SAOG issued OMR 300,000 of 10% term bonds on January 1, 2015, due on January 1, 2020, with interest payable each July 1 and

ABC SAOG issued OMR 300,000 of 10% term bonds on January 1, 2015, due on January 1, 2020, with interest payable each July 1 and January 1. Investors require an effective-interest rate of 7%.

Calculate the bond proceeds and record the issuance and amortization of premium.

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