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A company issued 6-year, 8% bonds with a par value of $550,000. The market rate...

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Accounting

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A company issued 6-year, 8% bonds with a par value of $550,000. The market rate when the bonds were issued was 7.5%. The company received $563,094 cash for the bonds. Using the straight-line method, the amount of recorded interest expense for the first semiannual interest period is

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