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On January 1,2024, Crane Co. sold 12% bonds with a face value of $1950000. ...

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Accounting

On January 1,2024, Crane Co. sold 12% bonds with a face value of $1950000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2100574 to yield 10%. If the effective-interest method of amortization is used, interest expense reported for 2024 is

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