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On January 1 , a company issued 3 % , 2 0 - year bonds with a face amount of $ 8 0 million for

On January 1, a company issued 3%,20-year bonds with a face amount of $80 million for $69,057,776 to yield 4%. Interest is paid semiannually, What was the straight-line interest expense on the December 31 annual income statement?

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