On July 1, 2023, LIN Inc. issued a five-year, 10% bond of $400,000 for the discount price of $343,811. Interest is to be paid semi-annually on June 30 and December 31. The company's year end is July 31. Assume the market rate of interest was 14% on the issuance date and the discount is amortized using the straight-line method. 

What is the interest payment, discount amortization, interest expense and bond book value respectively from the amortization schedule for December 31, 2024? 

Answer rating: 100% (QA)

SOLUTION To calculate the interest payment discount amortization interest expense and bond book valu... View the full answer