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How much interest expense recorded on first interest payment

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Question - On January 1, Wilson Inc. issued 100,000 2-year, 8% bonds when the market rate is 10%. The bonds pay interest semi-annually on June 30 and December 31. The company received proceeds of $96,400 and uses the effective interest method. How much interest expense recorded on the first interest payment date?

Reference no: EM132794340

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