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Face Amount $100,000 Contract rate of interest 12% Interest paid semiannually on June 30 and December 31 Term of bonds 8 years Market rate of

Face Amount $100,000

Contract rate of interest 12%

Interest paid semiannually on June 30 and December 31

Term of bonds 8 years

Market rate of interest 11%

Determine the amount of expenses that will be reported on the income statement for year #2

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