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On January 1, 2008, NewCo issued $800,000 of 5%, 5-year bonds at 93. Interest is paid annually on December 31st, and the effective interest method is used to amortize any bond premium or discount. The effective interest rate is 7%. The bonds are issued on the date of the bonds. a. What amount was received for the bonds? (1) b. Were the bonds issued at a premium or discount? (1) c. What is the amount of the premium or discount? (1) d. How much interest is paid each interest period? (2) e. Using the effective interest method, what is the interest expense for the first payment? (2) f. How much premium or discount will be amortized the first year? (2) g. What is the carrying value of the bonds after the first interest date? (2) h. What will be the bond carrying value at the maturity date? (1)
They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 71/2% of adjusted gross income ,$3,000 in property taxes ,$4,000 in housing interest ,and $5,000 in miscellaneous itemized deductions that exceed 2 perce..
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