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Cullumber Ltd. issued 260,000,9%,10-year bonds on January 1, 2020 , for 277,446. This price resulted in an effective-interest rate of 8% on the bonds. Interest

Cullumber Ltd. issued 260,000,9%,10-year bonds on January 1, 2020 , for 277,446. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1 . Cullumber uses the effective-interest method to amortize bond premium or discount

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