Pontchartrain Company issued $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2014. Interest is paid
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Pontchartrain Company issued $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2014. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. The company uses effective interest amortization. Interest expense reported on the 2014 income statement will total
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