Grider industries inc issued 10000000 of 8 debentures on

Reference no: EM13589401

Grider Industries, Inc. issued $10,000,000 of 8% debentures on May 1, 2014 and received cash totaling $8,872,628. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2022. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%.
Calculate the total dollar amount of discount or premium amortization during the first year (5/1/14 through 4/30/15) these bonds were outstanding.

Date	Interest Expense	Cash Interest	Discount Amortized	Carrying Value of Bonds
5/1/14				$
11/1/14
5/1/15
Total			$

Reference no: EM13589401

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