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Determine the bond premiums and discounts

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Bond Premiums and Discounts

On January 1, 2016, when the market rate for bond interest was 14%, Lenoir Corporation issued bonds in the face amount of $500,000 with interest at 12% payable semiannually. The bonds mature on December 31, 2023, and were issued at a discount of $53,180.

Question Problem 1: How much of the discount should be amortized by the effective interest method at July 1, 2016?

Reference no: EM132464740

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