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Determine the dollar value of the interest expense

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Problem 1: On January 1, 2018, Baltimore Company issued $100,000 face value, 4%, 10-year bonds at 102. Interest is paid annually on January 1. Baltimore uses the straight-line method for amortization. Use this information to determine the dollar value of the interest expense for the 2018 fiscal year. Round your answer to the nearest whole dollar.

Reference no: EM132480471

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