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Bond interest and discount amortization: Griffin Corporation issued $2,000,000 of 8% bonds on October 1, 2017, due on October 1, 2022. The interest is
Bond interest and discount amortization: Griffin Corporation issued $2,000,000 of 8% bonds on October 1, 2017, due on October 1, 2022. The interest is to be paid twice a year on April 1 an October 1. The bonds were sold to yield 10% effective annual interest. Griffin Corporation closes its books annually on December 31. Instructions: (a) Calculate the 10/1/17 carrying amount of the bonds:
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