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During the current year, an entity issued 5,000,000 9% face value bonds at 110 at interest date. In connection with the issue of the bonds, the entity paid the following costs:
Promotion cost 100,000
Engraving and printing cost 200,000
Underwriter commission 400,000
Legal fees 350,000
Fees paid to accountants for registration 50,000
Problem 1: What amount should be recorded initially as discount or premium on bonds payable?
a. 500,000 premium b. 500,000 discount c. 600,000 premium d. 600,000 discount
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