(Answered) At the beginning of 2016 winston corporation issued 10

Finance

At the beginning of 2016, Winston Corporation issued 10% bonds with a face value of P600,000. These bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for P555,840 to yield 12%. Winston uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2016? (Round your answer to the nearest dollar.)

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