At the beginning of 2020, Sheridan Company issued 10% bonds with a face value of $6700000. These bonds mature in the five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $6206880 to yield 12%. Sheridan uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2020? (Round your answer to the nearest dollar.) $745053 $747071 $743053 $766373