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On January 1, Green LTD issued $2,000,000, 14%, 5-year bonds with interest payable on January...

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Accounting

On January 1, Green LTD issued $2,000,000, 14%, 5-year bonds with interest payable on January 1 and July 1. The bonds sold for $2,197,080. The market rate of interest was 12%. Using the effective-interest method, the debit entry to interest expense on July 1 is (round to the nearest dollar): Group of answer choices $153,796. $120,000. $140,000. $131,825

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