On january 1 2012 loop raceway issued 650 bonds each with a

Reference no: EM13579491

On January 1, 2012, Loop Raceway Issued 650 bonds, each with a face value of $1,000, a stated interest rate of 7% paid annually on December 31, and a maturity date of December 31, 2014. On the issue date, the market interest rate was 8 percent, so the total proceeds from the bond issue were $633,228. Loop uses the straight-line bond amortization method and adjusts for any rounding errors when recording interest in the final year.What is the value for cash paid and interest expense, as well as the empty cell in discount on bonds since I have to account for rounding errors.

Reference no: EM13579491

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