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Amortization of discount using straight line method
On the first day of its fiscal year. Ellis co. issued $12000000 of five year, 10% bonds to finance its operations of producing and selling home improvements products. Interest is payable semiannually. The bonds were issued at an effective interest rate of 12%, resulting in Ellis company receiving cash of $11116854. Amortization of discount at the end of the first year, using straight line method?
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