Question
On December 31, 2010, Stine Corporation issued $600,000, 8%, 5-year bonds. The market rate of interest at that time was 10%. Interest is paid semiannually
On December 31, 2010, Stine Corporation issued $600,000, 8%, 5-year bonds. The market rate of interest at that time was 10%. Interest is paid semiannually on June 30 and December 31. The company uses the effective interest method of calculating interest.
The interest expense for the six months ending December 31, 2011 was
Round to the nearest dollar
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Modern Auditing
Authors: Graham W. Cosserat, Neil Rodda
3rd Edition
0470319739, 9780470319734
