What is interest expense using straight-line amortization, Accounting Basics

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What is interest expense using straight-line amortization

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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Accounting Basics: What is interest expense using straight-line amortization

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Accounting Basics: What is interest expense using straight-line amortization

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