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What amount of interest expense should be reported

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Problem 1: At the beginning of 2016, Wallace Corporation issued 10% bonds with a face value of P900,000. These bonds mature in the five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for P833,760 to yield 12%. Wallace uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2016? (Round your answer to the nearest dollar.)

Reference no: EM132628385

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