Reference no: EM132739438
On April 1, year 1, Cricket Corporation issues $40 million of 8%, 8-year bonds payable at par. Interest on the bonds is payable semiannually each April 1 and October 1.
Problem 1: The amount of cash paid to bondholders for interest during Year 1, is:
Multiple Choice
Option 1: $3,200,000.
Option 2: $800,000.
Option 3: $1,600,000.
Option 4: $2,400,000.
Problem 2: Interest expense on this bond issue reported in Cricket's Year 1, income statement is:
Multiple Choice
Option 1: $1,066,667.
Option 2: $2,133,334.
Option 3: $2,400,000.
Option 4: $3,200,000.
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