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On January 1, 2016, Gore Co. sold to Cey Corp. $800,000 of its 10% bonds for $708,236 to yield 12%. Interest is payable semiannually on

On January 1, 2016, Gore Co. sold to Cey Corp. $800,000 of its 10% bonds for $708,236 to yield 12%. Interest is payable semiannually on Jan 1 and July 1. What amount should Gore report as interest expense for 2016?

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