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On January 1, 2016, Tonlka Company Issued a four-year, $10,000, 7% bond. The Interest payable annually each December 31. The Issue price was $9.668 based

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On January 1, 2016, Tonlka Company Issued a four-year, $10,000, 7% bond. The Interest payable annually each December 31. The Issue price was $9.668 based on an 8% effective interest rate. Tonlka uses the effective-Interest amortization method. The Interest expense on the Income statement for the year ended December 31, 2016 is closest to: $677. $773. $883. $700

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