Margi Corporation sold $400,000 of 12 percent, ten-year bonds at face value on September 1 , 20xx.
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Margi Corporation sold $400,000 of 12 percent, ten-year bonds at face value on September 1 , 20xx. The issue date of the bonds was May 1 , 20xx.
1 . Record the sale of the bonds on September 1 and the first semiannual interest pay- ment on November 1 , 20xx.
2. The company's fiscal year ends on December 3 1 , and this is its only bond issue. What is the bond interest expense for the year ended December 3 1 , 20xx? E-1
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