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A company issues $16000000, 9.8%, 20-year bonds to yield 10% on January 1, 2020. Interest...

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Accounting

A company issues $16000000, 9.8%, 20-year bonds to yield 10% on January 1, 2020. Interest is paid on June 30 and December 31. The proceeds from the bonds are $15725455. Using effective-interest amortization, how much interest expense will be recognized in 2020?

$1572659

$1572535

$784000

$1568000

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