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Determine the amount of interest expense

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Question - Griffith Inc. sold $3 million of 10-year, 12% bonds at 102 on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on July 1 and January 1.

If Griffith follows ASPE and uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July 1, 2014, and December 31, 2014.

Reference no: EM131587415

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