In 2018, Hasbro Inc. issued 10% bonds with a face value of $6,000,000. These bonds...
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Accounting
In 2018, Hasbro Inc. 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%. Hasbro uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2018? (Round your answer to the nearest dollar.)
*Please explain. I know the answer, my method is incorrect.
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