At the beginning of 2020, Swifty Corporation issued 8% bonds with a face value of $3100000. These bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2871840 to yield 10%. Swifty uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2020?

(Round your answer to the nearest dollar.)

$285486

$301032

$286818

$288164

Answer rating: 100% (QA)

To calculate interest Expense for 2020 Selling price of the Bond ... View the full answer