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Calculate the total dollar amount of discount amortization

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Question - Benson Industries, Inc. issued $6,000,000 of 8% bonds on May 1, 2021 and received cash totaling $5,323,577. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2029. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%.

Required - Calculate the total dollar amount of discount or premium amortization during the first year (5/1/21 through 4/30/22) these bonds were outstanding.

Reference no: EM133088307

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