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On January 1, Sheffield Inc. issued $3100000, 9% bonds for $2910900. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Sheffield uses the effective interest method of amortizing bond discount. At the end of the first year. Sheffield should report unamortized bond discount of: O $177010 $159786 $172240 O $165007 Swifty Company issued $600000 of 8%, 10-year bonds on its interest date for $531850 to yield an effective annual rate of 10%. The effective interest method of amortization is to be used. How much bond interest expense (to the nearest dollar) should be reported on the income statement for the end of the first year? $60000 O $53185 $42548 O $48000