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Charles Corporation issued $100,000 of 5%, 10 year bonds on Janurary 1,2021, for $200,000. This...

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Accounting

Charles Corporation issued $100,000 of 5%, 10 year bonds on Janurary 1,2021, for $200,000. This price provided a yield of 6% on the bonds. Interest is payable semi-annualy on June 30 and December 31. If Charles company uses the effective-interest method, the amount of interest expense to record if financial statement are issued on December 31,2020 should be:

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