A firm issues $5 million of 10-year 6% notes with interest paid semiannually. At issuance...
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Accounting
A firm issues $5 million of 10-year 6% notes with interest paid semiannually. At issuance the firm received $5,817,565 cash reflecting a 4% yield. What is the amount of premium written off against interest expense in the first year the notes are outstanding?
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