Solved: Interest is payable semiannually on january 1 and july 1, Accounting Basics

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Interest is payable semiannually on january 1 and july 1

Question - On January 1, 2014, Gore Co. sold to Cey Corp. $800,000 of its 10% bonds for $708,236 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Gore report as interest expense for the six months ended June 30, 2014?

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Accounting Basics: Interest is payable semiannually on january 1 and july 1

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