On January1 of the current year, feller corporation issued $3,000,000 of 10% debenture bonds on a basis to yield 9%, receiving $3,134,580. Interest is payable annually on December 31 and the bonds mature in 6 years. the effective interest method is used.
(a) what is the interest expense for the first year?
(b) what is the interest expense for the second year?