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What the amount of interest expense is

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On January 1, 2020, UML Inc. issued 500 of its 10%, $1,000 bonds at 103. Interest is payable semiannually on June 30 and December 31. The bonds mature on December 31, 2029. UML paid $5,000 in bond issue costs. UML uses straight-line amortization.

Problem 1: The amount of interest expense for 2020 is:

Multiple Choice

Option 1: $48,500.
Option 2: $49,000.
Option 3: $51,000.
Option 4: $51,500.

Reference no: EM132802659

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