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On January 1, a company issued 3%, 10-year bonds with a face amount of $80 million for $73,459,316 to yield 4%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement?
On January 1, a company issued 3%, 10-year bonds with a face amount of $80 million for $73,459,316 to yield 4%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement?
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