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How much cash did keweenaw pay for interest

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Reference no: EM132971241

The Keweenaw Sunshine Development Corporation reported the following for the year ended December 31, 20X1:

                                                  1/1/X1         12/31/X1

Discount on Bonds Payable       $ 17,500           $ 15,750

Interest Payable                     $ 19,500             $ 17,350

Interest Expense                        $47,750

Problem 1: How much cash did Keweenaw pay for interest during 20X1?

Multiple Choice

Option 1: $46,350

Option 2: $48,150

Option 3: $43,850

Option 4: $51,650

Reference no: EM132971241

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