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Shunda Company wholesales parts to appliance manufacturers. On January 1, Shunda issued $20,000,000 of 5-year,...

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Accounting

Shunda Company wholesales parts to appliance manufacturers. On January 1, Shunda issued $20,000,000 of 5-year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of $21,622,179. Interest is payable semiannually. Shundas fiscal year begins on January 1. The company uses the interest method. First and Second semiannual interest payment, including amortization of discount and Compute the amount of the bond interest expense for the first year

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