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30. A company issues $10,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2014....

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Accounting

30. A company issues $10,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2014. Interest is paid on June 30 and December 31. The proceeds from the bonds are $9,802,072. What is interest expense for 2016, using straight-line amortization?

a. $1,579,792

b. $780,000

c. $770,104

d. $789,896

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