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On January 1, 2020, Marigold Corp. sold 9% bonds with a face value of $2650000. The bonds mature in five years, and interest is paid
On January 1, 2020, Marigold Corp. sold 9% bonds with a face value of $2650000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2870400 to yield 7%. Using the effective-interest method of amortization, interest expense for 2020 is
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