(c) Ron Kenoly Inc. issued $626,300 of 8%, 8-year bonds on June 30, 2014, for...
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(c) Ron Kenoly Inc. issued $626,300 of 8%, 8-year bonds on June 30, 2014, for $499,716. This price provided a yield of 12% on the bonds. Interest is payable semiannually on December 31 and June 30. If Kenoly uses the effective-interest method, determine the amount of interest expense to record if financial statements are issued on October 31, 2014. (Round answer to 0 decimal places, e.g. 38,548.)
Interest expense to be recorded
$ ___________
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