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How much interest expense should mary report

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Problem 1: On 1/1/X1, Mary Inc issued 3-year bonds, with a total stated value of $5,000,000 bearing interest of 7% semi-annually on 1/1 and 7/1 of each year. Assume the bonds are isseued at a price of $5,135,430. How much interest expense should Mary report on their annual income statement (12/31/X1) related to the bonds?

Reference no: EM132956211

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