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On January 1, 2013 the Mack Company issues $16,000,000 of 11% bonds dated January 1. Interest is payable semiannually on June 30 and December 31. The bonds mature in 4 years. The issue price of the bonds was $16,517,057.02 with no bond issue cost.

Compute interest expense for the semi-annual period ending December 31, 2015.

Suppose that instead of the effective interest method, the straight line method was used. How much interest expense would be recognized in each period?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91523160

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