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On January 1, a 3-Year, $1,090 Non-Interest-Bearing Note Payable Was

Question 77

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On January 1, a 3-year, $1,090 non-interest-bearing note payable was issued for $942 when the market rate of interest was 5%. How much interest expense will Hamlen recognize in each of the first two years using the effective interest method? Round to the nearest dollar.

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First year interest expense: $...

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