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 June 30, 2011 was
Round to the nearest dollar.
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The Audit Process Principles Practice And Cases
Authors: Stuart Manson, Iain Gray, Louise Crawford
6th Edition
1408081709, 978-1408081709
