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James company sold 8 8 0 , 0 0 0 of 6 % , 1 0 year bonds at 9 6 on January 1 ,

James company sold

880, 000

6 %, 10

year bonds at

96

on January

1, 2024 .

The bonds were dated January

1, 2024

and pay interest on June

30

and December

31 .

James paid

40, 000

in bond issue costs.

If james uses the straight line amortization, the amount of interest expense for year

2024

would be:

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