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At December 31,2011, Newman Engineerings liabilities include the following $10 million of 9%...

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Accounting

At December 31,2011, Newman Engineerings liabilities include the following $10 million of 9% bonds, issued for $10 million on May 31,1988. The bonds mature on May 31,2022, but bondholders have the option of calling (demanding payment on) the bonds on May 31,2012. However, the option to call is not expected to be exercised, given prevailing market conditions. The liability should be reported in the December 31,2011 balance sheet as

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