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View Fu Current Attempt in Progress Cheyenne Industries, Inc. issued $14,100,000 of 8% debentures on May 1, 2020 and received cash totaling $12,510,405. The
View Fu Current Attempt in Progress Cheyenne Industries, Inc. issued $14,100,000 of 8% debentures on May 1, 2020 and received cash totaling $12,510,405. 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, eg. 5,275) Date Interest Expense 5/1/20 4 11/1/20 $ 5/1/21 Total eTextbook and Media Cash Interest $ Discount Amortized Carrying Value of Bonds
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