On january 1 2009 solo inc. issued 1000 of its 8 1000 bonds, Ask an Expert

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On January 1, 2009, Solo Inc. issued 1,000 of its 8%, $1,000 bonds at 98 (i.e., for 98% of face amount). Interest is payable semiannually on January 1 and July 1. The bonds mature on January 1, 2019. Solo paid $50,000 in bond issue costs. Solo uses straight-line amortization. what is the amount of interest expense for the year ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9100026

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