Homework Answers
Answer -
Calculation of amount of interest expense to be recorded in the December 31, 2021, annual income statement -
| Date | Cash Paid ($) | Amortization of Bond Discount ($) | Bond Discount ($) | Carrying Value of Bonds ($) | Interest Expense ($) |
| January 1, 2021 | - | - |
8624 [88000-79376] |
79376 [Given in question] |
- |
| June 30, 2021 |
2200 [(88000*5%) * 6/12] |
181.28 [2381.28-2200] |
8442.72 [8624-181.28] |
79557.28 [88000-8442.72] |
2381.28 [(79376*6%) * 6/12] |
| December 31, 2021 | - | - | - | - |
2386.7184 [(79557.28*6%) * 6/12] |
| Interest Expense [$2381.28 + $2386.7184] | 4768 | ||||
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