Homework Answers
Solution
| Bond interest expense | $ 291,782 | |
| Premium on bonds payable | $ 54,718 | |
| Cash | $ 346,500 | |
| (Interest on bond paid and Discount amortized) |
Working
| Bond issue price | $ 8,794,356 |
| Face value | $ 7,700,000 |
| Premium on bonds payable | $ 1,094,356 |
| Number of Interest payments (10 years x 2) | 20 |
| Discount/ premium to be amortized per Half year | $ 54,718 |
| Cash Interest on bond | $ 346,500 |
| Interest expense to be recorded (346500-54718) | $ 291,782 |
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