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Calculate the total dollar amount of discount or premium

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Reference no: EM133043207

Question - Wildhorse Industries, Inc. issued $17,100,000 of 8% debentures on May 1, 2020 and received cash totaling $15,172,194. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2028. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%.

Calculate the total dollar amount of discount or premium amortization during the first year (5/1/20 through 4/30/21) these bonds were outstanding.

Reference no: EM133043207

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