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Discount-Mart issues $16 milion in bonds on January 1, 2021 The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year Below is a the bonds Interest Dete Expense 01/01/2021 06/30/2021 $940,000 $1,007,338 12/31/2021 960,000 1,010,452 04/30/2022 960,000 1,914,198 12/31/2022 960,000 1,017,991 Cash Paid What is the interest expense on the bonds in 2021? Mugle Choice Increase in Carrying Value $47,338 50,452 34,198 57,991 Carrying Valse 314,390,546 14,437,804 14,488,536 24,542,734 14,400,125 bond amortization schedule for

Discount-Mart issues $16 milion in bonds on January 1, 2021 The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year Below is a the bonds Interest Dete Expense 01/01/2021 06/30/2021 $940,000 $1,007,338 12/31/2021 960,000 1,010,452 04/30/2022 960,000 1,914,198 12/31/2022 960,000 1,017,991 Cash Paid What is the interest expense on the bonds in 2021? Mugle Choice Increase in Carrying Value $47,338 50,452 34,198 57,991 Carrying Valse 314,390,546 14,437,804 14,488,536 24,542,734 14,400,125 bond amortization schedule for

FINANCIAL ACCOUNTING
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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Discount-Mart issues $16 million in bonds on January 1, 2021 The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year Below is a partial bond amortization schedule for the bonds Date 01/01/2021 06/30/2021 $940,000 $60,000 12/31/2021 06/30/2022 12/31/2022 Cash Paid Mugle Choice O What is the interest expense on the bonds in 2021? O O 960,000 960,000 $1007338 $120.000 759 Interest Expense $1,007,338 1,010,452 1,014,196 1,017,3991 $2,017,990 Increase in Carrying Value $47,338 50,652 34,198 57,991 Carrying Valse $14,390,546 14,437,804 14,488,536 14,542,734 14,400,725
Transcribed Image Text:Discount-Mart issues $16 million in bonds on January 1, 2021 The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year Below is a partial bond amortization schedule for the bonds Date 01/01/2021 06/30/2021 $940,000 $60,000 12/31/2021 06/30/2022 12/31/2022 Cash Paid Mugle Choice O What is the interest expense on the bonds in 2021? O O 960,000 960,000 $1007338 $120.000 759 Interest Expense $1,007,338 1,010,452 1,014,196 1,017,3991 $2,017,990 Increase in Carrying Value $47,338 50,652 34,198 57,991 Carrying Valse $14,390,546 14,437,804 14,488,536 14,542,734 14,400,725
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