Find the interest expense for the first year

Reference no: EM1375314

On 1st January of the current year, feller corporation issued $3,000,000 of 10 percent debenture bonds on a basis to yield 9 percent, receiving $3,134,580. interest is payable annually on 31st December and the bonds mature in 6 years. the effective interest method is used.

(a) Find the interest expense for the first year?

(b) Evaluate the interest expense for the second year?

Reference no: EM1375314

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