undefined

On April 1, year 1, Cricket Corporation issues $40 million of 8%, 8-year bonds payable at par. Interest on the bonds is payable semiannually each April 1 and October 1. Interest expense on this bond issue reported in Cricket's Year 1, income statement is: Multiple Choice $2,400,000 $3,200,000. O O $2,133,334. $1,066,667. O