1. On January 1, 2020, Scottsdale Company issued its 12% bonds in the face amount of $3,000,000, which mature on January 1, 2032. The bonds were issued for $$3,408,818 to yield 10%. Scottsdale uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. Interest Expense for 2023 is:

2. On April 1, 2020, Sydney Company issued 300 $1,000 bonds at 98. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 96, and the warrants were selling for $55 each.

Instructions:

Submit the assignment in Excel using one page