Question
On January 1, a company issued 3%, 15-year bonds with a face amount of $60 million for $42,359,796 to yield 6%. Interest is paid semiannually.
On January 1, a company issued 3%, 15-year bonds with a face amount of $60 million for $42,359,796 to yield 6%. Interest is paid semiannually. What was the straight-line interest expense on the December 31 annual income statement? (Enter your answer in whole dollars. Round your intermediate calculations to the nearest dollar amount.)
what is the interest expense for the year ?
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Auditing A Risk Analysis Approach
Authors: Larry F. Konrath
5th Edition
032405789X, 9780324057898
