On July 31, 2018, Hummbug Corporation issued $100,000, 5%, 20-year bonds for $113,678 when the market interest rate was 4%. The bonds pay semi-annual interest on July 31 and January 31. Hummbug uses the straight- line method to amortize its bond discount or premium, and it has a January 31 year-end. How much would interest expense from these bonds be recorded in Hummbug's financial statements for the year ended January 31, 2019? Select one: a. $2,158.05 b. $4,658.05 C. $2,500 d. $5,000

On July 31, 2018, Hummbug Corporation issued $100,000, 5%, 20-year bonds for $113,678 when the market interest rate was 4%. The bonds pay semi-annual interest on July 31 and January 31. Hummbug uses the straight- line method to amortize its bond discount or premium, and it has a January 31 year-end. How much would interest expense from these bonds be recorded in Hummbug's financial statements for the year ended January 31, 2019? Select one: a. $2,158.05 b. $4,658.05 C. $2,500 d. $5,000

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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