TB MC Qu. 10-56 (Algo) On November 1, 2019, Davis Company

On November 1, 2019, Davis Company issued $30,000, six-year, 7% bonds for $29,340. The bonds were dated November 1, 2019, and interest is payable each November 1 and May 1. Davis uses the straight-line method of amortization.

How much is the semi-annual interest expense when the straight-line method of amortization is utilized?

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Multiple Choice

$1,105.

$2,210.

$2,045.

$1,990.

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