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On June 30,2021 , the market interest rate is 7%. Corporation issued 500,000 of 11%, 20-year bonds payable. The bonds pay interest on June 30

On June 30,2021 , the market interest rate is 7%. Corporation issued 500,000 of 11%, 20-year bonds payable. The bonds pay interest on June 30 and December 31. The company amortized bond premium using the effective-interest method.

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