This lesson examined various economic systems, including traditional, command, market, and mixed economies. As you know, you live in a nation with a mixed economy. Think about its advantages and disadvantages. If you could bring in any components of a command economy and incorporate them here, what would they be, and why? Describe the strengths of your choice, and explain what weakness of the mixed economy it might address.

At the beginning of 2014, winston corporation issued 10% bonds with a face value of $2,000,000. these bonds mature in five years, and interest is paid semiannually on june 30 and december 31. the bonds were sold for $1,852,800 to yield 12%. winston uses a calendar-year reporting period. using the effective-interest method of amortization, what amount of interest expense should be reported for 2014? (round your answer to the nearest dollar.)