Coley co issued 3 million face amount of 7 10-year bonds on, Ask an Expert

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Coley Co. issued $3 million face amount of 7%, 10-year bonds on June 1, 2010. The bonds pay interest on an annual basis on May 31 each year.

Calculate the interest expense that Coley Co. will show with respect to these bonds in its income statement for the fiscal year ended September 30, 2010, assuming that the discount of $36,000 is amortized on a straight-line basis.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9977926

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