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On January 1, 2021, Solo Inc. issued 2,600 of its 8%, $1,000 bonds at 98....

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Accounting

On January 1, 2021, Solo Inc. issued 2,600 of its 8%, $1,000 bonds at 98. Interest is payable semiannually on January 1 and July 1. The bonds mature on January 1, 2031. Solo paid $30,000 in bond issue costs. Solo uses straight-line amortization. The amount of interest expense for 2021 is:

  • $221,400.

  • $208,000.

  • $216,200.

  • $213,200.

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