On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Date 1/1/20x1 12/31/20x1 12/31/20x2 Cash Interest Amortization Balance $ 48,813 $ 3,600 ? $ 3,417 ? $ 183 ? 12/31/20x3 12/31/20x4 ? ? ? 210 48,630 48,434 ? 3,376 ? 48,000 8. What amount of interest expense will be reported on the income statement for 20x2 and 20x3? Note: Round your final answers to nearest whole dollar amount. Interest Expense 12/31/20x2 12/31/20x3 $ 3,404