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A company issued 5-year, 7% bonds with a par value of $1,100,000. The market rate...

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Accounting

A company issued 5-year, 7% bonds with a par value of $1,100,000. The market rate when the bonds were issued was 6.5%. The company received $1,123,162 cash for the bonds. Using the straight-line method, the amount of recorded interest expense for the first semiannual interest period is:

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