Find what was interest expense at effective interest rate

Reference no: EM131881443

Problem

On January 1, a company issued 4%, 20-year bonds with a face amount of $75 million for $45, 310, 905 to yield 8%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement?

Reference no: EM131881443

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