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What amount of interest expense should designer record

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Question - The Designer Company issued 10-year bonds on January 1. The 8% bonds have a face value of $747,000 and pay interest every January 1 and July 1. The bonds were sold for $620,839 based on the market interest rate of 9%. Designer uses the effective-interest method to amortize bond discounts and premiums. What amount of interest expense should Designer record on July 1 of the first year (rounded to the nearest dollar)?

Reference no: EM132182037

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