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Question
parker company issued ten-year, 9%, bonds payable in 2012 at a premium. during 2012, the companys accountant failed to amortize any of the bond premium. the omission of the premium amortization will
a.not affect net income for 2012
b.cause retained earnings at the end of 2012 to be overstated
c.cause net income for 2012 to be overstated
d.cause net income for 2012 to be understated
Answer
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