Required information [The following information applies to the questions displayed below) On January 1 of this year, Olive Corporation Issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective interest amortization method. The partially completed amortization schedule below pertains to the bonds: Interest Amortization Date January 1, Year 1 End of Year 1 End of Year 2 End of Year) End of Year 4 Canh $ 2,562 7 2 2 $ 2,393 2 2 2,363 $ 169 2 188 2 Balance $ 42,734 42,565 42,387 7 42,000 8. What amount of interest expense will be reported on the income statement for Year 2 and Year 3? (Round your final answers to nearest whole dollar amount.) Interest Expense Year 2 Year 3