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Auerbach Inc. issued 4% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $375

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Auerbach Inc. issued 4% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $375 million. The bonds pay Interest each March 31 and September 30, beginning March 31, 2022. The effective interest rate established by the market was 6%. Assuming that Auerbach issued the bonds for $319,211,025, what interest expense would it recognize in its 2021 income statement? (Do not round Intermediate calculations. Round your final answer to nearest whole dollar.) Multiple Choice $0. $4788.165

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