Question: On January 1 , 2 0 2 4 , $ 5 2 , 0 0 0 , 0 0 0 , 8 - year, 6

On January 1,2024, $52,000,000,8-year, 6% bonds, were issued for $46,010,640 to yield 8% annual rate. Interest is paid annually on January 1. The issuing corporation uses the straight-line method to amortize discount or premium on bonds payable. To accrue interest expense, the annual amortization amount, if any, is
Question 20Answer
a.
$2,990,000.
b.
$748,670.
c.
amortization is not needed
d.
$62,389.

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