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Schmid Corporation issues $550,000, 11%, 5year bonds on January 1, 2023 for $509,000. Interest is...

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Accounting

Schmid Corporation issues $550,000, 11%, 5year bonds on January 1, 2023 for $509,000. Interest is paid semiannually on January 1 and July 1. If Schmid uses the straightline method of amortization of bond discount, the amount of bond interest expense on July 1, 2023 is

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