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Patton company purchased 400000 of 10 percent bonds of

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Patton Company purchased $400,000 of 10 percent bonds of Scott Co. on 1st January, 2011, paying $376,100. The bonds mature 1st January, 2021; interest is payable each 1st July and 1st January. The discount of $23,900 gives an effective yield of 11 percent. Patton Company uses the effective-interest method and plans to hold these bonds to maturity.

Reference no: EM13370859

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