Required information P10-6 (Algo) Recording and Reporting Bonds Issued at a Discount LO10-4 [The following information applies to the questions displayed below.] PowerTap Utilities is planning to issue bonds with a face value of $2,000,000 and a coupon rate of 10 percent. The bonds mature in 8 years and pay interest semiannually every June 30 and December 31 . All of the bonds were sold on January 1 of this year. PowerTap uses the effective-interest amortization method. Assume an annual market rate of interest of 12 percent. (FV of $1, PV of $1, FVA of $1, and:PVA of $1 ) (Use the appropriate factor(s) from the tables provided.) 10-6 Part 2 What amount of interest expense should be recorded on June 30 and December 31 of this year? (Round your final answers to earest whole dollar amount.)