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In the current year, Joe Green purchased XYZ Corporation's 10-year, 10% bonds at original issue for $12,000. The bonds had a stated redemption price of $15,000. How much original issue discount must Green include in gross income in the current year assuming a current market yield for bonds of similar quality of 14%?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9966123

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