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Cullumber Company issued $5100000 of 6%, 10-year bonds on one of its interest dates for $4405000 to yield an effective annual rate of 8%. The
Cullumber Company issued $5100000 of 6%, 10-year bonds on one of its interest dates for $4405000 to yield an effective annual rate of 8%. The effective-interest method of amortization is to be used. How much bond interest expense (to the nearest dollar) should be reported on the income statement for the end of the first year? $352400 or $306000
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