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Knowledge Check 01 On January 1, Year 1, Duffy Enterprises issued $100,000 in bonds that...

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Knowledge Check 01 On January 1, Year 1, Duffy Enterprises issued $100,000 in bonds that mature in 10 years. The bonds were issue at face value. The bonds have a stated interest rate of 8% and pay interest once per year on December 31, what is the amount of interest expense recorded on December 31, Year 1? Interest expense

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