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What amount of total interest expense should denver report

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Problem 1: On January 1, 2020, Denver Corporation issued $2,300,000, 12%, 5-year bonds with interest payable on June 30 and December 31. The bonds were issued for a price $2,477,600. The market rate of interest was 10%. Denver uses the effective interest method to amortize the bond premium. What amount of total interest expense should Denver report on its 2020 year-end income statement?

Group of answer choices

Option 1: $148,654

Option 2: $276,000

Option 3: $247,054

Option 4: $125,000

Reference no: EM132771447

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