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Beep Corp. issued bonds at 103 on January 1, 2020 with a face value of $4,000,000. The bonds are due in 4 years and have

Beep Corp. issued bonds at 103 on January 1, 2020 with a face value of $4,000,000. The bonds are due in 4 years and have a stated rate of interest of 5%. What is interest expense for 2020?

A. $120,000
B. $280,000
C. $230,000
D. $170,000

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