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Question(s) / Instruction(s):

A discount on bonds payable:

a)            Occurs when a company issues bonds with a contract rate less than the market rate.

b)            Occurs when a company issues bonds with a contract rate more than the market rate.

c)            Increases the Bond Payable account.

d)            Decreases the total bond interest expense.

e)            Is not allowed in many states to protect creditors.

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