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On January 1, 2020, Vaughn Manufacturing sold 11% bonds with a face value of $2350000
On January 1, 2020, Vaughn Manufacturing sold 11% bonds with a face value of $2350000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2536000 to yield 9%. Using the effective-interest method of amortization, interest expense for 2020 is
$227559.
$258500.
$211500.
$228190.
Expert Solution
The correct option is 1st "$227559".
PFA
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