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Shop It issued $38,000, four-year, 5% bonds on January 1,2025 , for $36,100. Interest is payable on January 1 of each year. Shop It uses

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Shop It issued $38,000, four-year, 5% bonds on January 1,2025 , for $36,100. Interest is payable on January 1 of each year. Shop It uses the straight-line method to amortize bond discount. Determine (a) annual interest expense for 2025 , and (b) total cost of borrowing. (a) Annual interest expense for 2025$ (b) Total cost of borrowing $

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