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Chapter 14 Long-Term Liabilities A company issues $15,400,000, 9.8%, 20-year bonds to yield 10% on January 1, 2017. Interest is paid on June 30 and

Chapter 14 Long-Term Liabilities A company issues $15,400,000, 9.8%, 20-year bonds to yield 10% on January 1, 2017. Interest is paid on June 30 and December 31. The proceeds from the bonds are $15,135,750. Using effective-interest amortization, how much interest expense will be recognized in 2017?

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