Required information P10-5 (Algo) Recording a Bond Issued at a Discount and Determining How the Issuance Affects Ratios LO10-3, 10-4, 10-6 [The following information applies to the questions displayed below.] On January 1 of this year, Cunningham Corporation issued bonds with a face value of $203,000 and a coupon rate of 6 percent. The bonds mature in 30 years and pay interest annually every December 31 . When the bonds were sold, the annual market rate of interest was 8 percent. The company uses the effective-interest amortization method. By December 31 of this year, the annual market rate of interest had increased to 10 percent. (FV of $1,PV of $1, FVA of $1, and PVA of $1 ) (Use the appropriate factor(s) from the tables provided.) 10-5 Part 2 2. What amount of interest expense is recorded on December 31 of this year? (Round "Interest Expense" to whole dollars.) Required information P10-5 (Algo) Recording a Bond Issued at a Discount and Determining How the Issuance Affects Ratios LO10-3, 10-4, 10-6 [The following information applies to the questions displayed below.] On January 1 of this year, Cunningham Corporation issued bonds with a face value of $203,000 and a coupon rate of 6 percent. The bonds mature in 30 years and pay interest annually every December 31 . When the bonds were sold, the annual market rate of interest was 8 percent. The company uses the effective-interest amortization method. By December 31 of this year, the annual market rate of interest had increased to 10 percent. (FV of $1,PV of $1, FVA of $1, and PVA of $1 ) (Use the appropriate factor(s) from the tables provided.) 10-5 Part 2 2. What amount of interest expense is recorded on December 31 of this year? (Round "Interest Expense" to whole dollars.)