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Problem 14-2 On January 1, a company issued 5%, 15-year bonds with a face amount...

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Accounting

Problem 14-2 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 straight-line interest expense on the December 31 annual income statement? (Enter your answer in whole dollars. Round your intermediate calculations to the nearest dollar amount.)

Interest expense = _______________________

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