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Your Company issued a $1,000,000 face value bond on January 1, 2020. The 20-year term bond was issued at 95 and had a 4% stated
Your Company issued a $1,000,000 face value bond on January 1, 2020. The 20-year term bond was issued at 95 and had a 4% stated rate of interest that is payable each year on December 31. What is the annual interest expense?
$40,000
$42,500
$37,500
$43,000
$38,000
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