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On January 1, 2014, Curb Corporation sold a five-year, $20,000, 7% bond. The interest is payable annually each December 31. The issue price was $19,336

On January 1, 2014, Curb Corporation sold a five-year, $20,000, 7% bond. The interest is payable annually each December 31. The issue price was $19,336 based on an 8% market rate. Assuming effective-interest amortization is used, the interest expense for 2015 would be (round each calculation to the nearest dollar).

$ 159. $ 360. $1,559. $3,820.

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