On January 1, Charlie Corporation issued $3,000,000, 14%, 5-year bonds with interest payable on January 1 and July 1. The bonds sold for $3,216,288. The market rate of interest for these bonds was 12%. Under the effective-interest method, calculate the debit entry to interest expense on July 1?

Answer rating: 100% (QA)

Solution The debit en... View the full answer