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Question(s) / Instruction(s):

A company issued 5-year, 7% bonds with a par value of $100,000. The company received $97,947 for the bonds. Using the straight-line method, the amount of interest expense for the first semiannual interest period is (closest to):

a)            $3,294.70

b)            $3,500.00

c)            $3,705.30

d)            $7,000.00

e)            $7,410.60

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