On January 1 of Year 1, Congo Express Airways issued $3,500,000 of 7% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $3,197,389 and the market rate of interest for similar bonds is 8%. The bond premium or discount is being amortized at a rate of $10,087 every six months.What would be the amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 

Answer rating: 100% (QA)

Answer Solution i Issue price of bond 3197389 Semiannual amortization fo Bond disc... View the full answer