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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 expense sparks will show with relation to these bonds for the year ended december 31, 2012?
a.$16,000
b.$16,920
c.$14,850
d.$12,550
Answer
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