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Question 17 A company issues $15,000,000, 7.8%, 20-year bonds to vield 8% on January 1, 2017. Interest is paid on June 30 and December 31.

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Question 17 A company issues $15,000,000, 7.8%, 20-year bonds to vield 8% on January 1, 2017. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,108. Using effective interest amortization, how much interest expense will be recognized in 2017? a. $1,170,000 b. $1,176,249 c. $1,176,373 d. $585,000

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