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On January 1, 2013, Maltic Co. issued a 7%, 14-year bonds with a face value of $600,000. Interest is due each December 31. If bonds

On January 1, 2013, Maltic Co. issued a 7%, 14-year bonds with a face value of $600,000. Interest is due each December 31. If bonds sell at a price of 105 ($630,000), what is the annual amount of interest expense?

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