On June 30, 2020, Monty Company issued $3,420,000 face value of 16%, 20-year bonds at $4,449,160, a yield of 12%. Monty uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31.

Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2021, balance sheet. (Round answers to 0 decimal places, e.g. 38,548.) Monty Company Balance Sheet December 31, 2021 Long-term Liabilities Bonds Payable 3420000 Premium on Bonds Payable 6. XX Book Value of Bonds Payable (1) What amount of interest expense is reported for 2021? (Round answer to 0 decimal places, e.g. 38,548.) Interest expense reported for 2021