2.

Jones Company issued $50,000, 5 year, 8% bonds at 98 plus accrued interest. The interest is paid semiannually on March 1 and September 1. The bonds are dated March 1, Year 1. The date o sale is May 1, Year 1.

Calculate the amount of the accrued interest on the bonds on the date they were issued (May 1, year 1).