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Gridley Company issued $710,000, 12%, 10-year bonds on December 31, 2016, for $640,000. Interest is payable annually on December 31. Gridley Company uses the straight-line

Gridley Company issued $710,000, 12%, 10-year bonds on December 31, 2016, for $640,000. Interest is payable annually on December 31. Gridley Company uses the straight-line method to amortize bond premium or discount.

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