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What is the amount of interest pharoah must pay

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Problem 1: Pharoah Company received proceeds of $573000 on 10-year, 9% bonds issued on January 1, 2019. The bonds had a face value of $608000, pay interest annually on December 31, and have a call price of 102. Pharoah uses the straight-line method of amortization. What is the amount of interest Pharoah must pay the bondholders in 2019?

options:

Option 1: $51220

Option 2: $58220

Option 3: $54720

Option 4: $51570

Reference no: EM132680195

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