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On January 1, 2025, Entity D issued $1,000,000 of 7%,5-year bonds at 98 . The bonds pay interest annually on December 31 and Entity D

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On January 1, 2025, Entity D issued $1,000,000 of 7%,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 on the bonds? $70,000. $66,000. $4,000. $74,000

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