On January 1, 2022, Concord Company issued $2,800,000 face value, 7%, 10-year bonds at $3,006,070. This price resulted in a 6% effective-interest rate on the bonds. Concord uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. (c) Provide the answers to the following questions. 1. What amount of interest expense is reported for 2023? (Round answer to O decimal places, eg, 125.) Interest expense to be reported $ the amount that would be reported if the straight- 2. The bond interest expense reported in 2023 would be line method of amortization were used. Save for Later Attempts: 0 of 3 used Submit