A corporation issued 600000 of 8 5-year bonds on january 1, Ask an Expert

Accounting

A corporation issued $600,000 of 8%, 5-year bonds on January 1, at 102. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortization, the amount of bond interest expense to be recognized on July 1 is

a. $48,000.

b. $24,000.

c. $25,200.

d. $22,800.

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