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On January 1, 2013, ABX Company issued $1,000,000 of 7-year, 5% coupon bonds with a...

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Accounting

On January 1, 2013, ABX Company issued $1,000,000 of 7-year, 5% coupon bonds with a yield to maturity of 5.45%. The interest is payable annually on December 31. Calculate the interest expense in 2014. Use the effective interest rate method for amortization

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