cramer company sold five-year, 7% bonds on october 1, 2024. the face amount of the bonds was $110,000, while the issue price was $114,000. interest is payable on april 1 of each year. the fiscal year of cramer company ends on december 31. how much interest expense will cramer company report in its december 31, 2024, income statement (assume straight-line amortization)?
