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On January 1 2017, Powell Corporation issued $600,000, 5% 5 year bonds dated January 1 2017, at 95. The Bonds pay annual interest on January

On January 1 2017, Powell Corporation issued $600,000, 5% 5 year bonds dated January 1 2017, at 95. The Bonds pay annual interest on January 1. The company uses straight line method of armortization and has a calendar year end.

How much interest expense did Powell record for the year ending December 31, 2017 ?

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