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On January 1, 2017, Sunland Company sold 11% bonds with a face value of $2900000. The bonds mature in five years, and interest is paid

On January 1, 2017, Sunland Company sold 11% bonds with a face value of $2900000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $3129500 to yield 9%. Using the effective-interest method of amortization, interest expense for 2017 is Entry field with incorrect answer

$281605.

$319000.

$261000.

$280815.

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