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Pan company received proceeds of 160000 on 10-year 8 bonds

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Pan Company received proceeds of $160,000 on 10-year, 8% bonds issued on January 1, 2013. The bonds had a face value of $198,000, pay interest semi-annually on June 30 and December 31. Pan uses the straight-line method of amortization. What is the amount of interest expense Pan will show with relation to these bonds for the year ended December 31, 2014?

Reference no: EM13567482

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