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On May 1, 2018, Kirmer Corporation purchased $970,000 of 12% bonds, interest payable on January 1 and July 1, for $850,600 plus accrued interest. The

On May 1, 2018, Kirmer Corporation purchased $970,000 of 12% bonds, interest payable on January 1 and July 1, for $850,600 plus accrued interest. The bonds mature on January 1, 2024. Amortization is recorded when interest is received by the straight-line method. (Assume bonds are available for sale.)

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