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On January 2, 20X1, West Company issued 9% 10-year bonds in the amount of $500,000 that mature on December 31, 20X9. The bonds were issued

On January 2, 20X1, West Company issued 9% 10-year bonds in the amount of $500,000 that mature on December 31, 20X9. The bonds were issued for $469,500 to yield 10%. Interest is payable annually on December 31. West uses the effective interest method of amortizing bond discounts. Please walk through and explain thoroughly.

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