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Find the amount of interest payable at Dec

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Question - On October 1, Year 1, Howell Stores, Inc. issues twenty-year, first mortgage bonds with a face value of $1,000,000. The proceeds of the issue are $1,060,000. The bonds bear interest at the rate of 10 percent per year, payable semiannually at April 1 and October 1. Howell Stores Inc. closes its books annually at December 31. Round amounts to the nearest dollar.

Assume that Howell Stores, Inc. uses the straight-line method to recognize interest expense. Find the amount of interest payable at Dec 31st of the first year?

Reference no: EM132595793

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