On January 1, 2007, a company sold 12% bonds with a face value of $600,000....
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Accounting
On January 1, 2007, a company sold 12% bonds with a face value of $600,000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds yield 10%. Using the effective-interest method of amortization, interest expense for 2007 is approximately
$60,000.
$64,436.
$64,633.
$72,000.
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