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What is the interest expense for the second year

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Question - On January 1 of the current year, Feller Corporation issued $6,000,000 of 10% debenture bonds on a basis to yield 9%, receiving $6,269,160. Interest is payable annually on December 31 and the bonds mature in 6 years. The effective-interest method is used.

Required -

1. What is the interest expense for the first year?

2. What is the interest expense for the second year?

Reference no: EM132571703

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