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Question - On January 1, 2021, Sheffield Corp. sold $5000000 of its 8% bonds for $4426480 to yield 10%. Interest is payable semiannually on January 1 and July 1. What amount should Sheffield report as interest expense for the six months ended June 30, 2021?
A. $221324
B. $250000
C. $200000
D. $177065
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If your school has a subscription to the FASB Codification, go to http://aaahq.org/ ascLogin.cfm to log in and prepare responses to the following.
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