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Designer Company issued 10-year bonds on January 1. The 10% bonds have a face value of $106,000 and pay interest every January 1 and July
Designer Company issued 10-year bonds on January 1. The 10% bonds have a face value of $106,000 and pay interest every January 1 and July 1. The bonds were sold for $127,848 based on the market interest rate of 8%. Designer uses the effective interest method to amortize bond discounts and premiums. On July 1 of the first year, Designer should record an interest expense (round to the nearest dollar) of
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