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Intention Corporation issued $750,000 of 6%, 10-year bonds on January 1, 2022, for $696,703. This price provided a yield of 7% on the bonds.
Intention Corporation issued $750,000 of 6%, 10-year bonds on January 1, 2022, for $696,703. This price provided a yield of 7% on the bonds. Interest is payable semiannually on June 30 and December 31. If Intention uses the effective-interest method, the amount of interest expense reported on income statement for the year ended December 31, 2022 should be: $49,674 O $47,704 $48,836 $48,769
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
