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What is the interest expense in the first year

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Question - Comte Industries issues $5,000,000 worth of three-year bonds dated 1 January 2015. The bonds pay interest of 5% annually on 31 December. The market interest rate on bonds of comparable risk and term is 5%. The sales proceeds of the bonds are $5,040,849. Under the straight-line method, what is the interest expense in the first year?

Reference no: EM132691861

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