Determine the total interest expense recognized at the end

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On January 1, 20X3, Jacey Corporation issues $1,000,000 in serial bonds with a stated rate of interest of 5% and an effective rate of interest of 7%. The term of the bonds is 2 years, so $500,000 in principal is repaid at the end of each year. Determine the total interest expense recognized at the end of 20X3.

Reference no: EM133265094

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