1. A company issues $10,000,000, 7.5%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are $9,604,145. Using effective- interest amortization, how much interest expense will be recognized in 2007? * (2 Points) $780,000 $768,332 $1,568,498 $1,568,332