On January 1, 2017, Naperville Corporation issued $1,600,000, 15%, 5-year bonds with interest payable on January 1 and July 1. The bonds sold for $1,746,400. The market rate of interest was 13%. Using the effective-interest method, the debit entry to interest expense on July 1, 2017 is (round to the nearest dollar):

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The Answer of On January 1, 2017, Naperville Corporation issued $1,600,000, 15%, 5-year bonds with interest payable on January 1 and July 1. The bonds sold for $1,746,400. The market rate of interest was 13%. Using the effective-interest method, the debit entry to interest expense on July 1, 2017 is (round to the nearest dollar):

On January 1, 2017, Naperville Corporation Issued $1,600,000, 15%, 5-Year