20.At the beginning of 2017, Wallace Corporation issued 10% bonds with a face value of...
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20.At the beginning of 2017, Wallace Corporation issued 10% bonds with a face value of $6,000,000. These bonds mature in the five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $5,558,400 to yield 12%. Wallace uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2018? (Round your answer to the nearest dollar) a $677,549 b. $669,018 c. $667,000 d $680,000 21 Kant Corporation retires its $500,000 face value bonds at 102 on January 1, following the
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