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Knowledge Check Shop It issued $38,500,6-year, 3% bonds on January 1,2025 , for $40,810. Interest is payable on January 1 of each year. Shop it

Knowledge Check Shop It issued $38,500,6-year, 3% bonds on January 1,2025 , for $40,810. Interest is payable on January 1 of each year. Shop it uses the straight-line method to amortize bond premium. Determine (a) annual interest expense for 2025 , and (b) total cost of borrowing. (a) Annual interest expense for 2025$ (b) Total cost of borrowing $ Attempts: 0 of 3 used

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