Will Company issued $100,000 worth of bonds on January 1, Year 3 with interest payable annually. The bonds had a contract rate of 8%. The bonds were set up as floating-rate debt with the rate benchmarked to LIBOR plus 3% What would interest expense for year one if LIBOR is 5% be?

Lesson 1 Company issued $100,000 worth of bonds on January 1, Year st payable annually. The bonds had a contract rate of S% were set up as floating-rate debt with the rate benchmarke R plus 3%. What would interest expense for year one if LI $3,000 $5,000