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A company issues $15,000,000, 8%, 8-year bonds to yield 10% on January 1, 2020. Interest is paid on June 30 and December 31. The proceeds

A company issues $15,000,000, 8%, 8-year bonds to yield 10% on January 1, 2020. Interest is paid on June 30 and December 31. The proceeds from the bonds are $13,374,335.

Using effective-interest amortization, how much interest expense will be recognized in 2020?

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