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A ten-year bond issue of $300,000, interest rate of 9% paid semiannually, is sold...

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Accounting

  1. A ten-year bond issue of $300,000, interest rate of 9% paid semiannually, is sold for $340,000 when the market rate is 8%. The bonds were not sold between interest dates and the straight-line amortization method is used. The bond interest expense for the first interest payment would be
    1. $12,000.
    2. $16,000.
    3. $18,000.
    4. $32,000.

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