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Calculate interest expense for the year on the bonds

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Question - Barney Inc. has bonds outstanding that were issued at a premium. The bonds were issued on January 1 and pay interest on June 30 and December 31. At the beginning of the current year the bonds had a carrying value of $102000. The bonds have a face value of $91000. The bonds pay interest at an annual interest rate of 7 %. The annual market rate on the bonds at the time they were issued was 2%. The current annual market rate on bonds is 2%. Round any value to two decimal places in intermediate steps and round your final answer to the nearest dollar. Calculate interest expense for the year on the bonds.

Reference no: EM133176983

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