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  3. culver company issued $ 990,000 of 8%, 5-year bond

Culver Company issued $ 990,000 of 8%, 5-year bonds at 102. Interest is paid annually,...

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Accounting

Culver Company issued $ 990,000 of 8%, 5-year bonds at 102. Interest is paid annually, and the effective interest method is used for amortization. Assume that the market rate for similar investments is 7%. The bonds are issued on the date of the bonds. (a) Correct answer icon Your answer is correct. What amount was received for the bonds? Amount received $ enter a dollar amount received 1009800 Attempts: 1 of 2 used (b) Correct answer icon Your answer is correct. How much interest is paid each interest period? Interest paid $ enter interest paid in dollars 79200 Attempts: 1 of 2 used (c) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is incorrect. What is the premium amortization for the first interest period? Premium amortization $ enter premium amortization in dollars

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