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Which the debit entry to interest expense is for

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Reference no: EM132703223

Problem 1: On January 1, Pacer Corporation issued $2,000,000, 13%, 5-year bonds with interest payable on July 1 and January 1. The bonds sold for $2,197,080. The market rate of interest for these bonds was 11%. On the third interest payment date, using the effective-interest method, the debit entry to Interest Expense is for

Select one:

a. $239,663.
b. $119,804.
c. $120,336.
d. $120,839.
e. $237,426.

Reference no: EM132703223

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