Sec. 32.4230  Discount on long-term debt.

    (a) This account shall include the discount associated with all 
classes of long-term debt. Discount, as applied to securities issued or 
assumed by the company, means the excess of the book or face amount of 
the securities plus interest or dividends accrued at the date of the 
sale over the current money value of the consideration received at their 
sale.
    (b) Amounts included in this account shall be amortized monthly by 
the interest method and charged to Account 7510, Interest On Funded 
Debt. (Note also Sec. 32.4210(c) of this subpart.)
    (c) Subsidiary records shall be maintained to identify the discount 
attributable to each issue.