Question
On January 1 of Year 1, Congo Express Airways issued $3,650,000 of 8% bonds that pay interest semiannually on January 1 and July 1. The
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On January 1 of Year 1, Congo Express Airways issued $3,650,000 of 8% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $3,350,000 and the market rate of interest for similar bonds is 9%. The bond premium or discount is being amortized at a rate of $10,000 every six months. |
| The amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 would be?
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Efficient Auditing Of Private Companies A Guide To Audit Planning Implementation And Control
Authors: The Institute Of Chartered Accountants
1st Edition
1841400432, 978-1841400433
