Business, 03.05.2021 15:00, shayshayyy41

Desert Company issued $15,000,000 of 8% bonds on May 1, 2020, and received cash totaling $13,308,942. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2028. The firm uses the effective interest method of amortizing discounts and premiums. The bonds were sold to yield an effective interest rate of 10%. Calculate the TOTAL dollar amount of discount that was amortized during the entire first year (5/1/20 through 4/30/21) these bonds were outstanding.

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Desert Company issued $15,000,000 of 8% bonds on May 1, 2020, and received cash totaling $13,308,942...