Question

On June 30, 2010, Superfast Shoes issued $200,000 worth of 15-year, 9% bonds when the market rate was 10%. Proceeds were $184,788. The interest is paid annually on June 30.
1. What is the annual interest payment?
2. What is the amount of interest expense on the date of the first interest payment?
3. How would the bonds payable and the interest expense be shown on the year-end financial statements (June 30, 2011)?



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  • CreatedSeptember 01, 2014
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