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Problem 1: Amira Inc., a publicly-traded company, issued $50,000,000, 5.0%, six-year bonds on January 1, 20X6. The bonds pay interest semi-annually on June 30 and December 31 each year. The market rate of interest for similar bonds at time of issuance was 6.0%. Amira paid $65,000 in transaction costs directly attributable to the issuance of the bonds. Amira classifies the bonds at amortized cost. What amount will Amira initially measure the bond liability at on recognition date?
a) $47,446,499
b) $47,511,499
c) $47,576,499
d) $49,935,000
Due to a clerical error, a company overstated by $50,000 the amount of inventory on hand at the end of the year. Will net income for the year be overstated
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