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What interest expense should jasmine record

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Question - On Jan 1, 2014, Jasmine Flowers Company sold $600,000 in long-term bonds for $510,040. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%. The bonds pay interest Semi annually on June 30, and Jan 1 of each year. The bonds are to be accounted for under the effective-interest method.

What interest expense should Jasmine record for 2014 and 2015?

Reference no: EM132094393

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