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Question
on january 1, thompson corporation issued $4,000,000, 14%, 5-year bonds with interest payable on december 31. the bonds sold for $4,288,384. the market rate of interest for these bonds was 12%. on the first interest date, using the effective-interest method, the debit entry to bond interest expense is for
a.$480,000
b.$502,324
c.$514,606
d.$560,000
Answer
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