Question
the beginning book value=435931, and the effective rate is 6% compounded semi-annually. what's the interest expense? my solution is 435931*6%/2=13078 but the answer is 8719
the beginning book value=435931, and the effective rate is 6% compounded semi-annually. what's the interest expense?
my solution is 435931*6%/2=13078
but the answer is 8719 why?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
6th Canadian edition
1118644948, 978-1118805084, 1118805089, 978-1118644942
