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On January 1, Melrose Manufacturing issues a 5 year bond with a face value of $10,000 and a stated interest rate of 6%. The market

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On January 1, Melrose Manufacturing issues a 5 year bond with a face value of $10,000 and a stated interest rate of 6%. The market interest rate is 4%. The issue price of the bond was $10,936. Using the effective interest method of amortization, the interest expense for the first year ended December 31 would be: Multiple Choice o o o S656 16

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