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QUESTION
Winrow Company received proceeds of $377,000 on 10-year, 8% bonds issued on January 1, 2011.
Winrow Company received proceeds of $377,000 on 10-year, 8% bonds issued on January 1, 2011. The bonds had a face value of $400,000, pay interest annually on December 31st, and have a call price of 101. Winrow uses the straight-line method of amortization. What is the amount of interest Winrow must pay the bondholders in 2011?
