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Compute the annual premium amortization

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Reference no: EM13513277

A $1,000 bond paying 10% interest annually on December 31 is purchased at 110. Prepare all the entries for the first year if:

(1) The bond was purchased on January 1.

(2) The bond was purchased on April 1.

In addition, compute the annual premium amortization using the straight-line method. Assume the bond is a short-term investment.

Reference no: EM13513277

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