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Weller company issued bonds with a face value of $400,000, a 10% stated rate of interest, and a 10-year term. The bonds were issued January
Weller company issued bonds with a face value of $400,000, a 10% stated rate of interest, and a 10-year term. The bonds were issued January 1, Year 1, and Weller uses the effective interest method of amortization.
Assuming Weller issued the bond for $431,940, the amount of interest expense appearing on Year 3 income statement would be:
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