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Question
sparks company received proceeds of $211,500 on 10-year, 8% bonds issued on january 1, 2011. the bonds had a face value of $200,000, pay interest annually on december 31st, and have a call price of 102. sparks uses the straight-line method of amortization. what is the amount of interest sparks must pay the bondholders in 2011?
a.$16,920
b.$16,000
c.$16,320
d.$1,692
Answer
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