Which of the following best describes the accounting for discounts and premiums for bonds purchased by a fiduciary for an estate?
A) Premiums are amortized, but discounts are not.
B) Discounts are amortized, but premiums are not.
C) GAAP guidelines for amortization are followed, i.e., both are amortized.
D) Like bonds purchased prior to the death, neither discounts nor premiums are amortized.
Correct Answer:
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