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The Melon Company issues $540,000 of 12%, 10-year bonds at 106 on March 31, Year 1. The bonds pay interest on March 31 and September
The Melon Company issues $540,000 of 12%, 10-year bonds at 106 on March 31, Year 1. The bonds pay interest on March 31 and September 30. Assume that the company uses the straight-line method for amortization. Calculate the net balance that will be reported for the bonds on the September 30, Year 1 balance sheet. (Round your intermediate answers to the nearest dollar.)
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