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ivann1987 [24]
3 years ago
6

Schmid Corporation issues​ $450,000, 12%, 5minusyear bonds on January​ 1, 2019 for​ $439,000. Interest is paid semiannually on J

anuary 1 and July 1. If Schmid uses the straightminusline method of amortization of bond​ discount, the amount of bond interest expense on July​ 1, 2019​ is:
Business
1 answer:
Mamont248 [21]3 years ago
4 0

Answer:

$28,100

Explanation:

The computation of the bond interest expense is shown below:

= (Issued amount × interest rate) + (Issued amount - given amount) ÷ time period

= ($450,000 × 6%) + ($450,000 - $439,000) ÷ 10 years

= $27,000 + $1,100

= $28,100

In semi annual period, the interest rate is half and the time period is doubles and the same is shown

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Read 2 more answers
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