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A corporation issued $600,000, 10%, 5-year bonds on January 1, 2017 for $648,666, which reflects an effective-interest rate of 7%. Interest is paid annually on January 1 . If the corporation uses the effective-interest method of amortization of bond premium, the amount of bond interest expense to be recognized on December 31, 2017, is bon Dis ntail $64,867 $42,000. $45,407 $60,000 nds