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On January 1, 2024, Michigan Adventures issues 5%, 20-year bonds with a face amount of $87,000 for $76,945, priced to yield 6%. Interest is paid
On January 1, 2024, Michigan Adventures issues 5\%, 20-year bonds with a face amount of $87,000 for $76,945, priced to yield 6%. Interest is paid semiannually. What amount of interest expense will be recorded on June 30,2024 , the first interest payment date? (Round your final answer to the nearest whole dollar amount.)
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