Question
On January 1, a company issued 6%, 20-year bonds with a face amount of $80 million for $64,165,848 to yield 8%. Interest is paid semiannually.
| On January 1, a company issued 6%, 20-year bonds with a face amount of $80 million for $64,165,848 to yield 8%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement? |
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Managerial Accounting
Authors: Kurt Heisinger, Joe Ben Hoyle
2nd edition
1453375723, 1453375724, 978-1453375716
