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On January 1, a company issued 5%, 15-year bonds with a face amount of $80...

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Accounting

On January 1, a company issued 5%, 15-year bonds with a face amount of $80 million for $59,249,660 to yield 8%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement? (Enter your answers in whole dollars. Round your intermediate calculations to the nearest dollar amount.)

Period-End Cash Interest Paid Bond Interest Expense Discount Amortization Carrying Value
January 1 $59,249,660
June 30
December 31
Total

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