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Grider Industries, Inc. issued $15,000,000 of 8% debentures on May 1,2020 and received cash totaling...

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Accounting

Grider Industries, Inc. issued $15,000,000 of 8% debentures on May 1,2020 and received cash totaling $13,308,942. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1,2028. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%. InstructionsCalculate the total dollar amount of discount or premium amortization during the first year (5/1/20 through 4/30/21) these bonds were outstanding. (Show computations and round to the nearest dollar.)

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