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(5 points) Which of the following is true of the straight-line method for amortizing premiums and discounts on long-term debt? (LE 3) O The method can be used by any company for any debt. O The journal entries are the same for every payment. O The method is preferred by FASB. O The premium or discount amortized away is the plug figure in the journal entry. EE

(5 points) Which of the following is true of the straight-line method for amortizing premiums and discounts on long-term debt? (LE 3) O The method can be used by any company for any debt. O The journal entries are the same for every payment. O The method is preferred by FASB. O The premium or discount amortized away is the plug figure in the journal entry. EE

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(5 points) Which of the following is true of the straight-line method for amortizing premiums and discounts on long-term debt? (LE 3) O The method can be used by any company for any debt. O The journal entries are the same for every payment. O The method is preferred by FASB. O The premium or discount amortized away is the plug figure in the journal entry. EE
Transcribed Image Text:(5 points) Which of the following is true of the straight-line method for amortizing premiums and discounts on long-term debt? (LE 3) O The method can be used by any company for any debt. O The journal entries are the same for every payment. O The method is preferred by FASB. O The premium or discount amortized away is the plug figure in the journal entry. EE
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