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Winrow Company received proceeds of $754,000 on 10-year, 8% bonds issued on January 1, 2022 when the effective, or market, rate of interest was 9%.
Winrow Company received proceeds of $754,000 on 10-year, 8% bonds issued on January 1, 2022 when the effective, or market, rate of interest was 9%. The bonds had a face value of $800,000 and pay interest annually on December 31. Winrow uses the effective interest method of calculating interest expense. The interest expense recorded for 2022 will be
Group of answer choices
A. $60,320
B. $72,000
C. $64,000
D. $67,860
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