Question
On January 1, a company issued 6%, 10-year bonds with a face amount of $70 million for $60,486,993 to yield 8%. Interest is paid semiannually.
On January 1, a company issued 6%, 10-year bonds with a face amount of $70 million for $60,486,993 to yield 8%. Interest is paid semiannually. What was the straight-line interest expense on the December 31 annual income statement?
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Auditing An International Approach
Authors: Wally Smieliauskas, Amy Kwan, Kathleen Cogliano, Catherine Barrette
8th Canadian Edition
1259451275, 978-1259451270
