Jack Frost Inc. issues a $951,000, 10% 4 year notes payable…

Jack Frost Inc. issues a $951,000, 10% 4 year notes payable on January 1, 2020. The note will be repaid in four annual installments of $300,000, each payable at the end of the year (i.e. $300,000 at the end of 2020, $300,000 at the end of 2021, $300,000 at the end of 2022, and $300,000 at the end of 2023). What is the amount of interest expense that should be recorded by Jack Frost Inc. in the second year (i.e. on the income statement for the year ended December 31, 2021)?

Dammer Corporation needs to raise $2,200,000 to expand its b…

Dammer Corporation needs to raise $2,200,000 to expand its business. To raise the money, the corporation plans to sell 5%, 10-year bonds at the face value of $2,200,000 on January 1 of the current year. Dammer Corporation currently has 120,000 shares of stock outstanding and will generate net income of $1,200,000 in the current year without respect to the expansion. The $2,200,000 from the bond sale is expected to generate additional income of $1,000,000 before interest and taxes for the current year. The income tax rate is 20%. What are the earnings per share for the current year after consideration of the sale of the bonds? (Round your final answer to the nearest cent.)