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On January 1, 2023, Entity D issued $600,000 of 5%, 5-year bonds at 98. The bonds pay interest annually on December 31 and Entity D

On January 1, 2023, Entity D issued $600,000 of 5%, 5-year bonds at 98. The bonds pay interest annually on December 31 and Entity D amortizes any premium or discount using the straight-line method. What is the annual interest expense?

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