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Determine the interest expense accrued as of june

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Question - Rubin's corporation issued $10 million, of 5% coupon bonds on January 1st 2020 due to 31 December 2025. The market rate at issuance was 6% annual, and the bond pays interest on June 30th and December 31st of each year.

At the end of 2020, the carrying value of the bonds is $9,683,028; at the end of June 2021 the end carrying value will be 9,723,518. The company uses the effective market rate method to amortize the discount/premium on bond. Determine the interest expense accrued as of June 30 2021?

Reference no: EM133091175

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