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On April 1. year 1, Cricket Corporation issues $68 million of 12%, 15-year bonds payable at par. Interest on the bonds payable semiannually each April

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On April 1. year 1, Cricket Corporation issues $68 million of 12%, 15-year bonds payable at par. Interest on the bonds payable semiannually each April 1 and October 1. Interest expense on this bond issue reported in Cricket's Year 1. Income statement is: Multiple Choice $2.720,000 $6,120.000 $8,160,000 $5,440,000

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