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Umnica [9.8K]
3 years ago
11

On January 1 of the current year, Barton Corporation issued 12% bonds with a face value of $83,000. The bonds are sold for $78,8

50. The bonds pay interest semiannually on June 30 and December 31, and the maturity date is December 31, five years from now. Barton records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31 is
Business
1 answer:
djyliett [7]3 years ago
3 0

Answer:

$10,790

Explanation:

Face value of the bond =  $83,000

Market value = $78,850

Bond discount value = Face value of the bond - Market value

$83,000 - $78,850

= $4,150

Amortized over 5 years under straight line method

Per year = $4,150 ÷ 5

= $830

Interest on bond for the year = Face value of the bond × Issued Bonds in percentage

= $83,000 × 12% = $9,960

Bond interest expense = Interest on bond for the year + Per year amortization

= $9,960 + $830

= $10,790

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