At January 1, 2020, Konerko Corp. issued $40,000,000 of 6%, 12-year bonds that paid interest semiannually on June 30 and December 31. The bonds were issued at $36,788,326 to earn 7%. How much interest expense should Konerko report for these bonds on its income statement for the full year ended December 31, 2020? Please round your answer to the nearest dollar. Grant Corp. has elected to use the fair value option for long-term notes it issues to finance portions of its business. At December 31, 2020 the unadjusted carrying value of Grant Corp's long-term notes payable was $375,000. The fair value of the notes was $405,000. The difference was due to chantges in market interest rates, not credit risk. Which of the following is the correct journal entry to adjust the notes to fair value? Debit Unrealized Holding Loss - Other Comprehensive Income $30,000; Credit Notes Payable $30,000 Debit Retained Earnings $30,000; Credit Notes Payable $30,000 Debit Notes Payable $30,000; Credit Unrealized Holding Gain - Income $30,000 Debit Unrealized Holding Loss - Income $30,000; Credit Notes Payable $30,000 Simmons Corp. issued $20,000,000 of 8-year 10% bonds on January 1, 2017 at 98. In an effort to reduce its financing costs, Simmons paid $20,243,585 to retire the bonds on December 31, 2020 when the unamortized discount balance was $200,000 (Simmons used the straight-line method of amortizing the discount on the bonds). Calculate the loss Simmons recorded in retiring the bonds early. Please round your answer to the nearest dollar. Grant Corp. has elected to use the fair value option for long-term notes it issues to finance portions of its business. At December 31, 2020 the unadjusted carrying value of Grant Corp's long-term notes payable was $375,000. The fair value of the notes was $405,000. The difference was due to chantges in market interest rates, not credit risk. Which of the following is the correct journal entry to adjust the notes to fair value? Debit Unrealized Holding Loss - Other Comprehensive Income $30,000; Credit Notes Payable $30,000 Debit Retained Earnings $30,000; Credit Notes Payable $30,000 Debit Notes Payable $30,000; Credit Unrealized Holding Gain - Income $30,000 Debit Unrealized Holding Loss - Income $30,000; Credit Notes Payable $30,000