Wempe Co. sold $3,467,000, 8%, 10-year bonds on January 1, 2014. The bonds were dated January 1,… 1 answer below »

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Wempe Co. sold $3,467,000, 8%, 10-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.