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vfiekz [6]
2 years ago
15

Ivanhoe Company issued $1520000 of 6%, 5-year bonds at 95, which pay interest annually. Assuming straight-line amortization, wha

t is the total interest cost of the bonds?a. $636,000.
b. $632,400.
c. $628,800.
d. $639,600.
Business
1 answer:
Mashutka [201]2 years ago
6 0

Answer:

the journal entry to record bond issuance:

Dr Cash 1,444,000

Dr Discount on bonds payable 76,000

    Cr Bonds payable 1,520,000

amortization of discount on bonds payable = $76,000 / 5 = $15,000

coupon payment = $91,200

total interest expense per year = $106,200

total interest expense for the 5 year period = $106,200 x 5 years = <u>$531,000</u>

<u />

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