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On January 1, 2020, Oliver Company issued $4 million of 6 year bonds at a 10% stated interest rate to be paid annually. Oliver
On January 1, 2020, Oliver Company issued $4 million of 6 year bonds at a 10% stated interest rate to be paid annually. Oliver Company issued the bonds for $4,369,832 since the market rate of interest was 8%. What is the total amount of interest expense Oliver Company would report on its 2021 income statement for the bond. (round to the nearest dollar) O $342,524 O $347,892 $345,554 O $400,000 O $349.587
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