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How do compute for the interest expense

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Problem 1: On April 1, 20x1, an entity issues bonds with face amount of P5,000,000 for P5,415,183, including accrued interest. The bonds are dated January 1, 20x1 and pay annual interest of 14% every Dec. 31. The effective interest rate is 12%. Compute for the interest expense in 20x1.

Reference no: EM132670121

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