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a. Michael Jones Co. sold $2,190,000 of 12%,10-year bonds at 104 on January 1,2025 . The bonds were dated January 1,2025 , and pay interest
a. Michael Jones Co. sold $2,190,000 of 12%,10-year bonds at 104 on January 1,2025 . The bonds were dated January 1,2025 , and pay interest on July 1 and January 1 . If Jones uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July 1, 2025, and December 31, 2025. (Round answer to 0 decimal places, e.g. 38,548.) Interest expense to be recorded $ b. William Brown Inc. issued $560,000 of 8%,10-year bonds on June 30,2025 , for $431,534. This price provided a yield of 12% on the bonds. Interest is payable semiannually on December 31 and June 30. If Brown uses the effective-interest method, determine the amount of interest expense to record if financial statements are issued on October 31, 2025. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548.) Interest expense to be recorded $
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