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On January 1,2020 , Sanders Corp. issued $6 million, 10 year, 8% bonds with interest to be paid annually. Sanders Corp. issued the bonds for
On January 1,2020 , Sanders Corp. issued $6 million, 10 year, 8% bonds with interest to be paid annually. Sanders Corp. issued the bonds for $6,504,953 since the market rate of interest was 6% on the issue date. What is the total amount of interest expense that Sanders Corp. should report on its December 31, 2021 income statement? (round to the nearest dollar)
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