On January 1, 20X5, Korn Co. sold to Kay Corp. $400,000 of its 10% bonds for $354,118 to yield 12%. Interest is payable semi-annually on January 1 and July 1. What amount should Korn report as interest expense for the six months ended June 30, 20X5?a) $17,706.
b) $20,000.
c) $21,247.
d) $24,000.

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