On July 1, 2023, Brownlee Corporation issues 1,200,000, 10-year 6% bonds dated July 1, 2023...
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Accounting
On July 1, 2023, Brownlee Corporation issues 1,200,000, 10-year 6% bonds dated July 1, 2023 at 88. Brownlee uses the straightline method of amortization. Interest is paid each July 1 and January 1. Brownlee Corporation's fiscal year end is June 30. The interest expense recognized for the first semiannual interest payment on January 1, 2024 is:
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