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Determine amount of bond interest expense to be recognized

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Question 1: A corporation issues $99,000, 8%, 5-year bonds on January 1, for $103,460. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortization of bond premium, determine the amount of bond interest expense to be recognized on July 1.

Select the correct answer.

Option 1: $3,514

Option 2: $4,406

Option 3: $3,960

Option 4: $7,920

Reference no: EM132500163

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