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A company issued 9.0%, 5-year bonds with a par value of $260,000. The market rate when the bonds were issued was 10.0%. The company received

A company issued 9.0%, 5-year bonds with a par value of $260,000. The market rate when the bonds were issued was 10.0%. The company received $249,961.74 cash for the bonds. Using the effective interest method, the amount of interest expense for the second semiannual interest period is:

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