daniel2humnle
27.05.2020 •
Business
On January 1, Elias Corporation issued 11% bonds with a face value of $77,000. The bonds are sold for $74,690. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, 10 years from now. Elias records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31 of the first year is
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Ответ:
$8,470
Explanation:
Relevant data provided
Face value = 11%
Issued bonds percentage = $77,000
The computation of bond interest expense is shown below:-
Bond interest expense = Face value × Issued bonds percentage
= $77,000 × 11%
= $8,470
Therefore for computing the bonds interest expenses we simply multiply the face value with issued bonds percentage.
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