Solved: On july 1 2017 metlock limited issued bonds with a face, Accounting Basics

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On july 1 2017 metlock limited issued bonds with a face

Question - On July 1, 2017 Metlock Limited issued bonds with a face value of $1,100,000 due in 20 years, paying interest at a face rate of 9% on January 1 and July 1 each year. The bonds were issued to yield 11.00%. The company's year-end was September 30. The company used the effective interest method of amortization.

Calculate the premium or discount on the bonds.

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Accounting Basics: On july 1 2017 metlock limited issued bonds with a face

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