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Q. A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. What is interest expense for 2008, using straight-line amortization?
A) $1,540,207
B) $1,560,000
C) $1,569,192
D) $1,579,793
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