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A company issues $20,000,000, 7

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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. Using effective-interest amortization, how much interest expense will be recognized in 2007?

A)780,000

B)1,560,000

C)1,568,498

D)1,568,332

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