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A company issued 5-year, 8% bonds with a par value of $101,000. The company received...

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Accounting

A company issued 5-year, 8% bonds with a par value of $101,000. The company received $98,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is:

$8,490.60.

$4,040.00.

$8,080.00.

$3,834.70.

$4,245.30.

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