Question: On January 1, 2012, Lyle's Limeade issues 3%, 20-year bonds with a face amount of $80,000 for $69,034, priced to yield 4%. Interest is paid

On January 1, 2012, Lyle's Limeade issues 3%, 20-year bonds with a face amount of $80,000 for $69,034, priced to yield 4%. Interest is paid semiannually. What amount of interest expense will be recorded in the December 31, 2012, annual income statement?

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