At the beginning of 2020, Swifty Corporation issued 11% bonds with a face value of $6400000....

Transcribed Image Text:

At the beginning of 2020, Swifty Corporation issued 11% bonds with a face value of $6400000. These bonds mature in the five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $5939920 to yield 13%. Swifty 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.) $772388 $774406 $793708 $770388 At the beginning of 2020, Swifty Corporation issued 11% bonds with a face value of $6400000. These bonds mature in the five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $5939920 to yield 13%. Swifty 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.) $772388 $774406 $793708 $770388