A company issues $1,000,000, 5%, 20-year bonds to yield 6% on January 1, 2017. Interest is paid on eachDecember 31.

17 A company issues $1,000,000,5%, 20-year bonds to yield 6% on January 1, 2017. Interest is paid on eachDecember 31. The proceeds from the bonds are $885,300. Using effective-interest amortization, how much interest expense will be recognized in 2017? Interest Expense