(b) George Gershwin Co. sold $2,007,000 of 12%, 8-year bonds at 103 on January 1,...
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(b) George Gershwin Co. sold $2,007,000 of 12%, 8-year bonds at 103 on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on July 1 and January 1. If Gershwin uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July 1, 2014, and December 31, 2014. (Round answer to 0 decimal places, e.g. 38,548.)
| Interest expense to be recorded | $_____________ |
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