On July 1, 2016, Noble, Inc. issued 9% bonds in the face amount of $10,000,000,...
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On July 1, 2016, Noble, Inc. issued 9% bonds in the face amount of $10,000,000, which mature on July 1, 2022. The bonds were issued for $9,560,000 to yield 10%, resulting in a bond discount of $440,000. Noble uses the effective-interest method of amortizing bond discount. Interest is payable annually on June 30. At June 30, 2018, Noble's unamortized bond discount should be a. $322,400. b. $340,000. c. $352,000. d. $310,000.
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