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Ron Kenoly Inc. issued $608,700 of 9%, 8-year bonds on June 30, 2014, for $575,720. This price provided a yield of 10% on the bonds. Interest is payable semiannually on December 31 and June 30. If Kenoly uses the effective-interest method, determine the amount of interest expense to record if financial statements are issued on October 31, 2014.

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