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5. At the beginning of 2020 , Wallace Corporation issued 10% bonds with a face...

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Accounting

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5. At the beginning of 2020 , Wallace Corporation issued 10% bonds with a face value of $6,000,000. These bonds mature in the five years, and interest is paid semiannually on June 30 and December 31 . The bonds were sold for $5,558,400 to yield 12% W allace 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.)

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