Holiday Company issued its 9%, 25-year mortgage bonds in theprincipal amount of $3,000,000 on January 2, 2003, at a discount of$150,000, which it proceeded to amortize by charges to expense overthe life of the issue on a straight-line basis. The indenturesecuring the issue provided that the bonds could be called forredemption in total but not in part at any time before maturity at104% of the principal amount, but it did not provide for anysinking fund.
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