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Alex Limited issued its 7%, 20-year debentures payable at a price of 8-6720 (maturity value is $1 000 000). The firm uses the straight-line amortisation

Alex Limited issued its 7%, 20-year debentures payable at a price of 8-6720 (maturity value is $1 000 000). The firm uses the straight-line amortisation method for the debenture. Interest expense for the third year is

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