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What is the interest expense

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Problem - Red and White Stores Inc. issues $25,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2017. Interest is paid annually on December 31. The proceeds from the bonds are $24,505,180. What is the interest expense for 2018, using straight-line amortization?

Reference no: EM132971131

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