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Parker Company issued ten-year, 9%, bonds payable in 2024 at a premium. During 2024, the company's accountant failed to amortize any of the bond premium.

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Parker Company issued ten-year, 9%, bonds payable in 2024 at a premium. During 2024, the company's accountant failed to amortize any of the bond premium. The omission of the premium amortization will cause net income for 2024 to be overstated. cause retained earnings at the end of 2024 to be overstated. cause net income for 2024 to be understated. not affect net income for 2024

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