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Testbank Brief Exercise 119 Metlock Industries, Inc. issued $14,400,000 of 8% debentures on May 1, 2020 and received cash totaling $12,776,584. The bonds pay interest
Testbank Brief Exercise 119 Metlock Industries, Inc. issued $14,400,000 of 8% debentures on May 1, 2020 and received cash totaling $12,776,584. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2028. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective interest rate of 10%. Calculate the total dollar amount of discount or premium amortization during the first year (5/1/20 through 4/30/21) these bonds were outstanding. (Round answers to o decimal places, e.g. 5,275.) Interest Expense Cash Interest Discount Amortized Carrying Value of Bonds Date 5/1/20 $ 11/1/20 5/1/21 Total
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