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Auerbach Incorporated issued 8% bonds on October 1,2024. The bonds have a maturity date of...

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Accounting

Auerbach Incorporated issued 8% bonds on October 1,2024. The bonds have a maturity date of September 30,2034 and a face value of $300 million. The bonds pay interest each March 31 and September 30, beginning March 31,2025. The effective interest rate established by the market was 10%.
Assuming that Auerbach issued the bonds for $262,613,520, what interest expense would it recognize in its 2024 income statement?
Note: Do not round intermediate calculations. Round your final answer to nearest whole dollar.

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