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How much interest expense will mckannah record

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Reference no: EM133166275

Question - Corporation issued $350,000 of 14%, 5-year bonds payable on January 1, 2019.

The market interest rate when the bonds were issued was 16%. Interest is paid semi-annually on January 1 and July 1. The first interest payment is July 1, 2019.

Using the effective-interest amortization method, how much interest expense will Mckannah record on July 1, 2019? Use Excel to calculate the issue price.

Reference no: EM133166275

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