Dave Co. issued $6 million of 12% bonds on January 1, Year 1, due on...
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Accounting
Dave Co. issued $6 million of 12% bonds on January 1, Year 1, due on January 1, Year 6, with interest payable each January 1 and July 1. The bonds were sold for $5,194,770 to yield 16%. If the discounts were amortized by the effective interest rate method, Dave's interest expense for the fiscal year ended Dec. 31, Year 2, related to its $6 million bond issue would be $ 523513 . Round your answer to the nearest full dollar.
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