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What is the interest expense on income statement

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Reference no: EM131791918

Problem

Steamboat company issued the following ten-year bonds on January 1,2016: $100,000 maturity value, 6% interest payable annually on each December 31. The bonds were dated January 1,2016 and the accounting period ends December 31. The bonds were issued for $93,000. Steamboat uses the straight-line method for amortization. The market rate of interest was 7%

What is the interest expense on income statement for the year 2016 .

What is the 1) bonds payable, 2) unamortized amount of discount and 3)net book value of bonds on balance sheet at December 31, 2016.

Reference no: EM131791918

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