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On January 1 , Patterson Inc. issued $5,000,000,9% bonds for $4,695,000. The market rate of interest for these bonds is 10%. Interest is payable annually

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On January 1 , Patterson Inc. issued $5,000,000,9% bonds for $4,695,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Patterson uses the effective-interest method of amortizing bond discount. How much is discount amortizaed for the 1st year? A) $15,900 B) $450,000 C) $285,500. D) $19,500

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