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On January 1,2&25, Grouper Company issued $1,600,000 face value, 7%,10-year bonds at $1,717,761. This price...

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Accounting

On January 1,2&25, Grouper Company issued $1,600,000 face value, 7%,10-year bonds at $1,717,761. This price resulted in a 6%
effective-interest rate on the bonds. Grouper uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each Januar

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