Using the effective-interest amortization method

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Truitt Corporation issued $400,000 of 33?%, 10-year bonds payable on January 1, 2014. The market interest rate when the bonds were issued was 44%. Interest is paid semiannually on January 1 and July 1. The first interest payment is July 1,2014. Using the effective-interest amortization method, how much interest expense will Truitt record on July? 1, 2014 (use Excel to calculate the issue? price.)

Reference no: EM131295478

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