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On January 1, 2011, Morton Sales Co. issued zero coupon bonds with a face value...

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Accounting

On January 1, 2011, Morton Sales Co. issued zero coupon bonds with a face value of $6 million for cash. The bonds mature in 10 years and were issued at a price of $3,050,100.

Required: What amount of interest expense on these bonds would Morton Sales Co. report in its 2011 income statement?

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