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Spencer company sells 10 bonds having a maturity value of

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Spencer Company sells 10% bonds having a maturity value of $3,000,000 for $2,783,724. The bonds are dated January 1, 2012, and mature January 1, 2017. Interest is payable annually on January 1.

Instructions Set up a schedule of interest expense and discount amortization under the effective-interest method.

Reference no: EM13608391

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