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A company issued 7%, 5-year bonds with a par value of $50,000. The market rate when the bonds were issued was 6%. The company received

A company issued 7%, 5-year bonds with a par value of $50,000. The market rate when the bonds were issued was 6%. The company received $52,133 cash for the bonds. Using the effective interest method, the amount of interest expense for the first semiannual interest period is

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