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Scranton Co issues a 5 year, $10,000 bond on April 1, 2020, with a 7% coupon payable on October 1st and April 1st. The bonds

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Scranton Co issues a 5 year, $10,000 bond on April 1, 2020, with a 7% coupon payable on October 1st and April 1st. The bonds sold for 104.27 at a market rate of 6%. What is the interest expense in the adjusting journal entry required on Dec 31, 2020? Round your answer to two decimal places, but do not round intermediate calculations

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