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Find the amount of interest expense appearing on December

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Question - Victor Company issued bonds with a $700,000 face value and a 4% stated rate of interest on January 1, Year 1. The bonds carried a 5-year term and sold for 94. Victor uses the straight-line method of amortization. Interest is payable on December 31 of each year. Find the amount of interest expense appearing on the December 31, Year 3 income statement?

Reference no: EM132600542

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