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Z Inc. issued 9% bonds, dated January 1, with a face amount of $152,000 on...

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Accounting

Z Inc. issued 9% bonds, dated January 1, with a face amount of $152,000 on January 1, 2016, for an issue price of 106.5. The bonds mature on December 31, 2025 (10 years). For bonds of similar risk and maturity, the market yield is 7%. Interest is paid annually on December 31.

What is the 1st year's interest expense?

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