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Tomin Company issued bonds $299,000 of 5 year, 6 percent bonds on January 1, 2016, at 93. Interest is payable in cash annually on December

Tomin Company issued bonds $299,000 of 5 year, 6 percent bonds on January 1, 2016, at 93. Interest is payable in cash annually on December 31. The straight-line method is used for amortization.

What is the interest interest expense Tomin will recognize each year?

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