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What interest expense using the effective-interest method

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Problem 1: On January 1, 2020, Vaughn Manufacturing sold 11% bonds with a face value of $2350000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2536000 to yield 9%. Using the effective-interest method of amortization, interest expense for 2020 is

Option 1: $227559.
Option 2: $258500.
Option 3: $211500.
Option 4: $228190.

Reference no: EM132772271

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