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The following data relate to a $15,000,000, 10% bond issued for a selected semiannual interest period:Bond carrying amount at beginning of period $15,593,454 Interest paid
The following data relate to a $15,000,000, 10% bond issued for a selected semiannual interest period:Bond carrying amount at beginning of period $15,593,454 Interest paid during period 750,000 Interest expense allocable to the period 809,345(a) Were the bonds issued at a discount or at a premium? (b) What is the unamortized amount of the discount or premium account at the beginning of the period? (c) What account was debited to amortize the discount or premium?explanation needed
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