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A corporation issues $90,000, 8%, 5-year bonds on January 1, for $94,050. Interest is paid...

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Accounting

A corporation issues $90,000, 8%, 5-year bonds on January 1, for $94,050. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortization of bond premium, determine the amount of bond interest expense to be recognized on July 1.

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