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

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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? Note: Round intermediate calculations and your final answer to the nearest whole dollar. Interest expense 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? Note: Round intermediate calculations and your final answer to the nearest whole dollar. Interest expense

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Answer To calculate the interest expense at the effective interest rate on the December 31 annual in... View the full answer