Multiple Choice
On January 1, 2020, $4,000,000, 5-year, 10% bonds, were issued for $4,240,000.Interest is paid annually on January 1.If the issuing corporation uses the straight-line method to amortize premium on bonds payable, the monthly amortization amount is
A) $35,332.
B) $48,000.
C) $4,800.
D) $4,000.
Correct Answer:
Verified
Correct Answer:
Verified
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