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Calculate the amount of interest expense for year

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Question - Nivan Co. issued $500,000 of 5 percent, 10-year, callable bonds on January 1, Year 1, at their face value. The call premium was 3 percent (bonds are callable at 103). Interest was payable annually on December 31. The bonds were called on December 31, Year 5.

Required -

a. Calculate the amount of interest expense for Year 5.

b. Determine the amount of loss on bond redemption recognized on December 31, Year 5.

Reference no: EM132870328

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