InterTech Corporation needed financing to build a new manufacturing plant. On June 30 of this...
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InterTech Corporation needed financing to build a new manufacturing plant. On June 30 of this year, InterTech issued $4,350,000 of 8-year bonds with a 6% coupon rate (payments due on December 31st and June 30th). The effective interest rate was 8%. What amount in interest expense did InterTech record for the June 30, payment in the next year? Select one: a. $152,796 b. $154,654 c. $174,000 d. $130,500 e. None of these are correct.
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