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On January 1, firm issued $500,000 of 15 year, 6 percent bonds payable for $552,325,...

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Accounting

On January 1, firm issued $500,000 of 15 year, 6 percent bonds payable for $552,325, yielding an effective rate of 5 percent. Interest is payable on June 30 and December 31 each year. The firm records amortization on each interest date. Bond interest expense for the first six months, using effective interest amortization, is:

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