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On January 1, a company issued 2%, 10-year bonds with a face amount of $70 million for $58.553.901 to yield 4% Interest is paid

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On January 1, a company issued 2%, 10-year bonds with a face amount of $70 million for $58.553.901 to yield 4% Interest is paid semiannually. What was the straight-line interest expense on the December 31 annual income statement? (Enter your answer in whole dollars. Round your intermediate calculations to the nearest dollar amount.) Interest expense

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