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On January 1, 2022, Concord Company issued $2,800,000 face value, 7%, 10-year bonds at $3,006,070. This price resulted in a 6% effective-interest rate on the

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On January 1, 2022, Concord Company issued $2,800,000 face value, 7%, 10-year bonds at $3,006,070. This price resulted in a 6% effective-interest rate on the bonds. Concord uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. Question 3 of 3

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