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A company issues $25,000,000,7.6%,20-year bonds to yield 8% on January 1,2020 . Interest is paid on June 30 and December 31 . The proceeds from

A company issues $25,000,000,7.6%,20-year bonds to yield 8% on January 1,2020 . Interest is paid on June 30 and December 31 . The proceeds from the bonds are $24,505,180. Using effective-interest amortization, how much interest expense will be recognized in 2020 ? a. $1,960,815 b. $980,207 c. $1,960,250 d. $1,961,623

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