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On January 1, Vaughn Manufacturing issued $5900000, 11% bonds for $6283500. The market rate of interest for these bonds is 10%. Interest is payable annually

On January 1, Vaughn Manufacturing issued $5900000, 11% bonds for $6283500. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Vaughn uses the effective-interest method of amortizing bond premium. At the end of the first year, Vaughn should report unamortized bond premium of: Entry field with incorrect answer

$362850

$324500

$340850

$364110

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