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How much is the bond interest

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Reference no: EM133009840

Problem 1: On January 1, 2002, Michael issued its 10% bonds in the face amount of $1,500,000. They mature on January 1, 2012. The bonds were issued for $1,329,000 to yield 12%, resulting in bond discount of $171,000. Mar uses the effective interest method of amortizing bond discount. Interest is payable July 1 and January 1. For the six months ended June 30, 2002, how much is the bond interest?

Option 1: 75,000
Option 2: 79,740
Option 3: 83,550
Option 4: 85,260

Reference no: EM133009840

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