2 tof No-More-Caviar Corporation issued ten-year term bonds on January 1, 2020, with a face value of $800,000. The face interest rate is 6 percent and interest payable semi-annually on June 30th and December 31st. The bonds were issued for $690,960 to yield an effective annual interest rate of 8 percent. The effective interest method of amortization is to be used. What amount of interest expense should be recorded on the journal entry to record the second instalment of interest payment on December 31, 2020. Answer