On january 1 2007 1000000 5-year 10 bonds were issued for , Ask an Expert

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On January 1, 2007, $1,000,000, 5-year, 10% bonds, were issued for $1,060,000. Interest is paid annually on January 1. If the issuing corporation uses the straight-line method to amortize premium on bonds payable, the monthly amortization amount is:

a. $8,833.

b. $12,000.

c. $1,200.

d. $1,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M950482

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