Question
Sheridan Corporation issued $430.000 of 5-year bonds on April 1, 2023 Interest is paid semi-annually on April 1 and October 1. Below is a
Sheridan Corporation issued $430.000 of 5-year bonds on April 1, 2023 Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the bond issue. Semi-Annual Interest Interest Period Payment Interest Expense Amortization Carrying Amount of Bonds Apr.1, 2023 $449,828 Oct. 1, 2023 $8.600 $6,747 $1.853 447,975 Apr. 1, 2024 8.600 6.720 1,880 446,095 Oct. 1.2024 8.600 6.691 1,909 444,186 Apr. 1, 2025 8,600 6,663 1,937 442.249 Oct 1, 2025 8.600 6.634 1.966 440,283 Apr. 1, 2026 8.600 6.604 1996 438,287 (d) What will be the total interest payments over the five-year life of the bonds? Total interest expense? Total interest payments Total interest expense
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