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. On January 1, 2016, Nott Corporation sold $200,000 of its 10% bonds for $177,000 to yield 12%. Interest is payable semiannually on January 1

. On January 1, 2016, Nott Corporation sold $200,000 of its 10% bonds for $177,000 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Nott report as bond interest expense on July 1, 2016 if Nott uses the effective interest method of amortizing bond discount?

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