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Pearson Co issue its $140,000 at a price of 102, the stated rate is 8%, the bond term is 4 years, and the market rate

Pearson Co issue its $140,000 at a price of 102, the stated rate is 8%, the bond term is 4 years, and the market rate is 5%. Assume the term of the bonds is 4 years. Using the straight-line method of amortization, the interest expense in the 1st year will be $_____

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