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On January 1,2024, Pharoah Satellites Ltd. issued $1.51-million, 10-year bonds. The bonds pay semi-annual interest...

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Accounting

On January 1,2024, Pharoah Satellites Ltd. issued $1.51-million, 10-year bonds. The bonds pay semi-annual interest on July 1 and January 1, and Pharoah has a December 31 year end. A partial bond amortization schedule is presented below:
\table[[\table[[Semi-Annual],[Interest Period]],\table[[Interest],[Payment]],\table[[Interest],[Expense]],Amortization,\table[[Carrying],[Amount of Bonds]]],[Jan.1,2024,,,,$1,402,696],[July 1,2024,$[1],$[2],$3,794,1,406,490],[Jan.1,2025,45,300,49,227,3,927,1,410,417],[July 1,2025,45,300,49,365,3,1,414,482],[Jan.1,2026,45,300,49,507,4,5],[July 1,2026,45,300,49,654,4,354,1,423,043],[Jan.1,2027,45,300,49,807,4,507,1,427,550]]
Were the bonds issued at a premium or a discount?
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