Find interest expense, A company issues $20,000,000, 7.8

Find interest expense

Reference no: EM1349287

A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2010. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. What is interest expense for 2011, using straight-line amortization?
a. $1,540,207
b. $1,560,000
c. $1,569,192
d. $1,579,793

Reference no: EM1349287

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