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On January 1, 2017, Naperville Corporation issued $2, 200,000, 16%, 5-year bonds with interest payable on January 1 and July 1. The bonds sold for $2, 346, 400. The market rate of interest was 14%. Using the effective-interest method, the debit entry to interest expense on July 1, 2017 is (round to the nearest dollar): $154,000. $187, 712. $164, 248. $176,000