Homework Answers
Solution 1:
Interest expense = Issue price * market rate * 6/12 = $82675 *7% *6/12 = $2,894
Solution 2:
| Date | General journal | Debit | Credit |
| 1-jan-2021 | Cash | 58,000 | |
| Bond Payable | 58,000 | ||
| 30-june-2021 | Interest Expense (58000*6%*6/12) | 1,740 | |
| Cash | 1,740 |
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