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On January 1, a company issued 4%, 20-year bonds with a face amount of $55...

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Accounting

On January 1, a company issued 4%, 20-year bonds with a face amount of $55 million for $42,287,047 to yield 6%. Interest is paid semiannually. What was the straight-line interest expense on the December 31 annual income statement? (Enter your answer in whole dollars. Round your intermediate calculations to the nearest dollar amount.)

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