On january 1 2013 the mack company issues 16000000 of 11, Financial Accounting

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On january 1 2013 the mack company issues 16000000 of 11

On January 1, 2013 the Mack Company issues $16,000,000 of 11% bonds dated January 1. Interest is payable semiannually on June 30 and December 31. The bonds mature in 4 years. The issue price of the bonds was $16,517,057.02 with no bond issue cost.

Using the effective interest method, how much interest expense should be recognized for the period ending June 30, 2013?

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Financial Accounting: On january 1 2013 the mack company issues 16000000 of 11

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Financial Accounting: On january 1 2013 the mack company issues 16000000 of 11

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