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A company issued 10 -year, 6.50% bonds with a face value of $100,000. The company received $97,787 for the bonds. Using the straight-line method of

A company issued 10 -year, 6.50% bonds with a face value of $100,000. The company received $97,787 for the bonds. Using the straight-line method of amortization, the amount of interest expense for the first annual interest period is

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