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Cole Corporation issued $550,000, 6%, 23-year bonds on January 1, 2014, for $488,006. This price resulted in an effective-interest rate of 7% on the bonds.

Cole Corporation issued $550,000, 6%, 23-year bonds on January 1, 2014, for $488,006. This price resulted in an effective-interest rate of 7% on the bonds. Interest is payable annually on January 1. Cole uses the effective-interest method to amortize bond premium or discount.

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