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Question
warner company issued $1,600,000 of 6%, 10-year bonds on one of its interest dates for $1,381,920 to yield an effective annual rate of 8%. the effective-interest method of amortization is to be used. the journal entry on the first interest payment date, to record the payment of interest and amortization of discount will include a
a.debit to bond interest expense for $96,000
b.credit to cash for $110,554
c.credit to discount on bonds payable for $14,554
d.debit to bond interest expense for $128,000
Answer
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