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How much interest expense will be recorded

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Question - Jan Company sells 5-year bonds with a face value of $100,000 for $97,000. Interest is paid semiannually. Using the effective-interest method at 12%, how much interest expense will be recorded with the first payment?

1. $11,640

2. $6,000

3. $5,820

4. $180

Reference no: EM132234521

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