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Windsor, Incorporated, issues 7%, 10-year bonds with a face amount of $1 million on January 1, Year 1, for $932,048, when the market rate of

Windsor, Incorporated, issues 7%, 10-year bonds with a face amount of $1 million on January 1, Year 1, for $932,048, when the market rate of interest is 8%. Interest is paid semiannually on June 30 and December 31. Interest expense associated with this bond for the first semiannual period is

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