grainley inc sold 300 bonds at face value of $1000 on the issue date of feb 1, 2016. the face interest rate is 5% interest will be paid feb 1 and aug 1 of ea year. the same bonds remain outstanding during all of the second year, 2017. after all of the entries related to interest have been posted, on dec 31,2017, the balance in the interest expense account will equal

just need the formula /steps.

this is the exact word for word how it was presented