At the beginning of 2014, Wallace Corporation issued 10% bonds with a face value of $3,000,000. These bonds mature in the five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2,779,200 to yield 12%. Wallace uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2014? (Round your answer to the nearest dollar.)

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The Answer of At the beginning of 2014, Wallace Corporation issued 10% bonds with a face value of $3,000,000. These bonds mature in the five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2,779,200 to yield 12%. Wallace uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2014? (Round your answer to the nearest dollar.)

At the Beginning of 2014, Wallace Corporation Issued 10% Bonds