Assume that Smith Co. amortizes premiums and discounts on bonds payable at the end of the year

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Assume that Smith Co. amortizes premiums and discounts on bonds payable at the end of the year rather than when interest is paid. What accounts would be debited and credited to record
(a) The amortization of a discount on bonds payable and
(b) The amortization of a premium on bonds payable?

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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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