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E14-7B (Amortization ScheduleEffective-Interest) Clark Company sells 8% bonds having a maturity value of $5,000,000 for...

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Accounting

E14-7B (Amortization ScheduleEffective-Interest) Clark Company sells 8% bonds having a maturity value of $5,000,000 for $5,421,236. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1. Set up a schedule of interest expense and premium amortization under the effective-interest method. (Hint: The effective interest rate must be computed.)

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