Interest is paid semiannually what was the interest expense


Question - On January 1, a company issued 6%, 20-year bonds with a face amount of $80 million for $64,165,848 to yield 8%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement?

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Interest is paid semiannually what was the interest expense
Reference No:- TGS02870274

Now Priced at $20 (50% Discount)

Recommended (92%)

Rated (4.4/5)