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A company issued 5-year, 7% bonds with a par value of $900,000. The market rate when the bonds were issued was 6.5%. The company received

A company issued 5-year, 7% bonds with a par value of $900,000. The market rate when the bonds were issued was 6.5%. The company received $909,000 cash for the bonds. Using the straight-line method, the amount of recorded interest expense for the first semiannual interest period is:

31,500

62,100

30,600

63,000

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