(Please show work)
Mcintarfer Corporation issued $200,000 of 8%, 15-year bondspayable on January 1, 2019. The market interest rate when thebonds were issued was 11%. Interest is paid semiannually onJanuary 1 and July 1. The first interest payment is July 1, 2019.Using the effective-interestamortizationmethod, how much interest expensewill Mcintarfer record on July 1, 2019? Use Excel® tocalculate the issue price.