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What amount of interest expense should charleston report

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Question - On January 1, Year 1, the Charleston Company (Charleston) issues bonds with a face value of $100,000 and a stated annual cash interest rate of 6% for $86,410 in cash to yield an assumed effective interest rate of 8%. Interest is paid every June 30th and December 31st, and the effective-rate method is being applied. What amount of interest expense should Charleston report for the year ending December 31, Year 2?

Reference no: EM132526239

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