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CPA MCQ CPA And idea can be taught and be expected to stick.

And idea can be taught and be expected to stick.

CPA

And idea can be taught and be expected to stick.

Answer: False

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Patton Company purchased $400,000 of 10% bonds of Scott Co. on January 1, 2011, paying $376,100. The bonds mature January 1, 2021; interest is payable each July 1 and January 1. The discount of $23,900 provides an effective yield of 11%. Patton Company uses the effective-interest method and plans to hold these bonds to maturity.

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