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ABC Corporation issued $600,000 of 7% bonds due in 10 years. The bonds pay interest each July 1 and January 1. Assume an effective interest

ABC Corporation issued $600,000 of 7% bonds due in 10 years. The bonds pay interest each July 1 and January 1. Assume an effective interest rate of 8%. Determine the price of the bond and prepare an amortization schedule for two years. What is the interest expense for January 1, 2021

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