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Effective interest amortization-compute interest expense

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Problem: A company issues $15000000, 7.8%, 20 year bonds to yield 8% on January 1, 2012. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,109.

Required:

Using effective interest amortization, how much interest expense will be recognized in 2012? What will the carry value of the bonds be on December 31, 2012 and December 31, 2013? Can you please help me by providing the authentic solution of this problem

Reference no: EM132419648

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