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On January 1,2023 , Cullumber Ltd. sold five-year, 6% bonds with a face value of $425000. Interest will be paid semi-annually on June 30 and

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On January 1,2023 , Cullumber Ltd. sold five-year, 6% bonds with a face value of $425000. Interest will be paid semi-annually on June 30 and December 31 . The bonds were sold for $443599 to yield 5%. Using the effective interest method of amortization of bond discount or premium, interest expense for 2023 is $21250. $29215. $22138. $25500

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