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A corporation issues $88,000, 8%, 5-year bonds on January 1, for $91,960. Interest is paid semiannually on January 1 and July 1. If the corporation

A corporation issues $88,000, 8%, 5-year bonds on January 1, for $91,960. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortization of bond premium, determine the amount of bond interest expense to be recognized on July 1.

A. $7,040

B. $3,916

C. $3,124

D. $3,520

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