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Ganezh [65]
3 years ago
10

On January 1, Year 1, Willette Company sold $240,000 of 6% ten-year bonds. Interest is payable semiannually on June 30 and Decem

ber 31. The bonds were issued for $180,181, priced to yield 10%. What is the amount of effective interest expense that should be recorded for the six months ended June 30, Year 1
Business
1 answer:
konstantin123 [22]3 years ago
4 0

Answer: $9,009

Explanation:

To find the Effective Interest Rate, you should convert the stated interest rate into a semi-annual interest rate as that is when interest is payable.

Effective interest Rate = 10% Per annum

= 10/2

= 5%

5% is to be paid Semi-annaully.

Interest Expenses for the first 6 months is therefore,

= Issue Price * effective interest rate

= 180,181 * 5%

= $9,009

$9,009 is the amount of effective interest expense that should be recorded for the six months ended June 30, Year 1.

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Answer:

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