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On January 1, 2020, Concord Corporation sold 9% bonds with a face value of $2700000. The bonds mature in five years, and interest is paid

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On January 1, 2020, Concord Corporation sold 9% bonds with a face value of $2700000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2924600 to yield 7%. Using the effective-interest method of amortization, interest expense for 2020 is O $204672. O $204052 O $243000. $189000

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