On December 31, 2010, a corporation issued $200,000 face value 12% bonds thtat mature 10 yrs from the date of issue. The issue price was 97.

On December 31, 2010, a corporation issued $200,000 face value 12% bonds thtat mature 10 yrs from the date of issue. The issue price was 97. If the firm uses straight-line method of amortization, interest expense for 2011 will be reported at?… I am comming up with 24,000 but I feel like I am not doing something right- my calculation is 200,000 x 12% *1yr