Flamingo company sold 1000000 of 8 10-year bonds at 103 on

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Flamingo Company sold $1,000,000 of 8%, 10-year bonds at 103 on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on July 1and January 1. If Flamingo uses the straight-line method to amortize bond premium or discount, the balance of premium on bonds payable on December 31, 2016 should be:

Reference no: EM13482984

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