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Explain bonds issued at a discount versus at a premium. How do they compare to the market rate? Explain how discounts and premiums are amortized.

Explain bonds issued at a discount versus at a premium. How do they compare to the market rate?

Explain how discounts and premiums are amortized. Include journal entries.

Assume a bond payable has a balance of $5,000,000 and the discount on bond payable has a balance of $150,000. If you redeem the bond at 98 is there a gain or loss on that bond redemption.

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