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On January 1, Year 1, Weller Company issued bonds with a $400,000 face value, a stated rate of interest of 10%, and a 10-year term to maturity. Weller uses the effective interest method to amortize bond discounts and premiums. The market rate of interest on the date of issuance was 8%. Interest is paid annually on December 31.
Problem 1: Assuming Weller issued the bonds for $431,940, what is the carrying value of the bonds on the December 31, Year 3?
A. $420,615 B. $426,495 C.$414,264 D.$404,800
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