15. On January 1, 2009, Dorley Corporation issued $1 million of bonds for $1,073,613 when the
market rate of interest was 6%. They are 10-year bonds paying 8% interest annually. If Dorley is
using the effective interest amortization method, interest expense on December 31, 2009 will be
The correct answer is B) $64,417.Explanation: The interest expense incurred is the first year is based on the market rate of intere...