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On July 1, 2010, Linux Corporation, a wholesaler of electronics equipment, issued $45,000,000 of 10-year, 10% bonds at an effective interest rate of 14%, receiving cash of $35,465,423. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.The first semiannual interest payment on December 31, 2010, and the amortization of the bond discount, using the straight-line method.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9980405

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