At the beginning of 2014, the Alston Corporation issued 10% bonds with a face value of $400,000….

At the beginning of 2014, the Alston Corporation issued 10% bonds with a face value of $400,000. These bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $370,560 to yield 12%. Alston uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2014? (Round all computations to the nearest dollar.) $44,333. $44,467. $44,601. $45,888.