Kier Company issued $620,000 in bonds on January 1, Year 1. The bonds were issued at face value and carried a 3-year term to maturity. They had a5.50% stated rate of interest that was payable in cash on December 31st. Based on this information alone, the amount of interest expense shown on theDecember 31, Year 1 income statement and the cash flow from operating activities shown on the December 31, Year 1 statement of cash flows would be:Interest ExpenseA.B.C.D.$34,100zero$34,100zeroCash Outflowzero$34,100$34,100zero

Name: Kier Company issued $620,000 in bonds on January 1, Year 1. The bonds
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Description: Kier Company issued $620,000 in bonds on January 1, Year 1. The bonds were issued at face value and carried a 3-year term to maturity. They had a5.50% stated rate of interest that was payable in cash on December 31st. Based on this information alone

Interest expenses = Bond issued * interest rate Interest expenses = $620,000*5.50% Interest…

Answered: 31, Year 1 income statement and the…

Business

Accounting

31, Year 1 income statement and the cash flow from op cerest Expense 24 100 Cash Outflow

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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