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Calculate the interest expense

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Question - On January 1, 2014, Huff Corp. issued $1,000,000 face value of 10% per year bonds (with annual interest payments to be paid each 31st December) at a time when the market demanded an 11% return. The original maturity was ten years. Using the effective interest rate method of amortization, calculate the interest expense for 2015.

a) $103,521.85

b) $103,909.25

c) $207,431.09

Reference no: EM131736939

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