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What the amount of bond interest expense to be recognized

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Problem 1: A corporation issues $800000, 7%, 5-year bonds on January 1, 2018, for $766400. Interest is paid annually on January 1. If the corporation uses the straight-line method of amortization of bond discount, the amount of bond interest expense to be recognized in December 31, 2018's adjusting entry is

Option 1: $56000.

Option 2: $62720.

Option 3: $6720.

Option 4: $49280.

Reference no: EM132794495

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