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Bramble Corporation issued $320,000, 7%, 20-year bonds on January 1, 2022, for $288,583. This price resulted in an effective-interest rate of 8% on the bonds.

Bramble Corporation issued $320,000, 7%, 20-year bonds on January 1, 2022, for $288,583. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Bramble uses the effective-interest method to amortize bond premium or discount.

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