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On January 1, 2013, Lane issues $700,000 of 7%, 15-year bonds at a price of 106. The interest payments are made on June 30 and

On January 1, 2013, Lane issues $700,000 of 7%, 15-year bonds at a price of 106. The interest payments are made on June 30 and December 31. Lane elects a fiscal year ending September 30. What is the amount that would be recorded as cash paid in the December 31, 2013, journal entry?

a$24,500 b22,925

c12,250 d11,462
e13,458

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