On january 1, 2018 legion company sold $200,000 of 10%, ten-year bonds. interest payable semiannually in june 30 and december 31 the bonds were sold for $177,000, priced to yield 12. legion records interest at the effective rate.

legion shoud report bond interest expense for the six months ended june 30, 2018, in the amount of:

a) $8,850
b) $10,000
c) $10,620
d) $12,000

legion should pay cash interest for the six months ended june 30, 2018, in the amount of:

a) $8,850
b) $10,000
c) $10,620
d) $12,000

1. Option (C) is correct.

2. Option (B) is correct.

Explanation:

Given that,

On January 1, 2018

Legion Company sold = $200,000

Interest = 10% (Interest payable semiannually in June 30)

December 31, the bonds were sold = $177,000

1. Interest expense recorded by legion for the six month ended June 30, 2018 is:

= $10,620

2. Interest paid by legion for the six month ended June 30, 2018 is :

= 10,000

Explanation:

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