Reference no: EM13257994
1.) On July 1, 2005, Kitel, Inc. issued 9% bonds in the face amountof $5,000,000, which mature on July 1, 2015. The bonds were issuedfor $4,695,000 to yield 10%, resulting in a bond discount of$305,000. Kitel uses the effective interest method of amortizingbond discount. Interest is payable annually on June 30. At June 30,2007, Kitel's unamortized bond discount should be
A) $264,050
B) $225,000
C) $244,000
D) $215,000
2.) On January 1, 2007, Nott Co. sold $1,000,000 of its 10% bondsfor $885,296 to yield 12%. Interest is payable semiannually onJanuary 1. What amount should Nott report as interest expense forthe six months ended June 30, 2007?
A) $44,266
B) $50,000
C) $53,118
D) $60,000
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