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Crane Company received proceeds of $1048500 on 10-year, 8% bonds issued on January 1, 2016. The bonds had a face value of $1112000, pay interest

Crane Company received proceeds of $1048500 on 10-year, 8% bonds issued on January 1, 2016. The bonds had a face value of $1112000, pay interest annually on December 31st, and have a call price of 105. Crane uses the straight-line method of amortization. What is the carrying value of the bonds on January 1, 2018?

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