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Novak Company sells 10% bonds having a maturity value of $2,100.000 for $1.948.607. The bonds are dated January 1, 2017, and mature January 1, 2022.

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Novak Company sells 10% bonds having a maturity value of $2,100.000 for $1.948.607. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is pay able annually on January 1 Set up a schedule of interest expense and discount amortization under the straight line method. (Round answers to decimal places a 38.548.) Schedule of Discount Amortization Straight-Line Method Interest Discount Amortized Year Paid Carrying Amount of Bonds Jan 1, 2017 Jan. 1. 2018 Jan 1, 2019 Jan. 1.2020 Jan. 1.2021 Jan. 1. 2022

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