Question
On January 1, a company issued 8%, 10-year bonds with a face amount of $60 million for $56,097,619.06 to yield 9%. Interest is paid semiannually.
On January 1, a company issued 8%, 10-year bonds with a face amount of $60 million for $56,097,619.06 to yield 9%. Interest is paid semiannually. What was interest expense at the effective interest rate on June 30, the first interest date?
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Financial Accounting And Reporting
Authors: John McKeith, Bill Collins
2nd Edition
0077138368, 978-0077138363
