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On January 1, 2020, Sheridan Company sold 9% bonds with a face value of $2100000. The bonds mature in five years, and interest is

On January 1, 2020, Sheridan Company sold 9% bonds with a face value of $2100000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2274700 to yield 7%. Using the effective-interest method of amortization, interest expense for 2020 is $158709. $147000. $189000. $159179.

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