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On January 1, 20x1, Morris Co. issued $1,000,000 bonds at 104. The bonds have a coupon rate of 8% (payable June 30 and December 31)

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On January 1, 20x1, Morris Co. issued $1,000,000 bonds at 104. The bonds have a coupon rate of 8% (payable June 30 and December 31) and mature in 10 years. Bond issue costs of $5,000 were incurred on the sale. Under the FASB's preferred method for all amortization, interest expense on June 30, 20x1 would be $38,794. $38,616 $38,866. $39,116

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