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On January 1, 2020, Lane Co. sold 5% bonds with a face value of $4,000,000. The bonds mature in 3 years, and interest is paid

On January 1, 2020, Lane Co. sold 5% bonds with a face value of $4,000,000. The bonds mature in 3 years, and interest is paid annually on December 31. The bonds were sold for $3,594,993 to yield 9%. Using the effective-interest method of amortization, interest expense for 2020 is

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