206. On January 1, Cleopatra Corporation issued $5,000,000, 14%, 5-year bonds with interest payable on December 31. The bonds sold for $5,360,480. The market rate of interest for these bonds was 12%. On the first interest date, using the effective-interest method, the debit entry to Interest Expense is for

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The Answer of 206. On January 1, Cleopatra Corporation issued $5,000,000, 14%, 5-year bonds with interest payable on December 31. The bonds sold for $5,360,480. The market rate of interest for these bonds was 12%. On the first interest date, using the effective-interest method, the debit entry to Interest Expense is for