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On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest is payable semiannually on January 1 and July 1.
On January 1, 2001, Moon Co. sold $500,000 of its 10-year, 10% bonds for $450,650. Interest is payable semiannually on January 1 and July 1. Using the effective interest method, what amount should Moon report as interest expense for the six months ended June 30, 2001
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Accounting Information Systems
Authors: Cynthia D Heagy, Constance M Lehmann
7th Edition
1111219516, 978-1111219512
