Prescott Corporation issued ten thousand $1,000 bonds on January 1, 2021. The bonds have a 10-year term and pay interest semiannually. This is the partial bond amortization schedule for the bonds. Payment Effective Interest Cash Decrease in Balance 1 2 400,000 400,000 400,000 400,000 344,632 342,971 341,261 55,368 57,029 58,739 Outstanding Balance 11,487,747 11,432,379 11,375, 350 11,316,611 3 4 What is the interest expense on the bonds for the year 2022? Multiple Choice $342.971. $119.241. Prescott Corporation issued ten thousand $1,000 bonds on January 1, 2021. The bonds have a 10-year term and pay interest semiannually. This is the partial bond amortization schedule for the bonds. Payment Effective Interest Cash Decrease in Balance 1 2 400,000 400,000 400,000 400,000 344,632 342,971 341,261 55,368 57,029 58,739 Outstanding Balance 11,487,747 11,432,379 11,375, 350 11,316,611 3 4 What is the interest expense on the bonds for the year 2022? Multiple Choice $342.971. $119.241