Madison Products sold $250,000 of 6% ten-year bonds on January 1, 20x3. Interest is payable...
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Madison Products sold $250,000 of 6% ten-year bonds on January 1, 20x3. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $163,976, priced to yield 12%. Madison records interest at the effective rate. Madison should report bond interest expense for the six months ended June 30, 20x3, in the amount of: (Round your answer to the nearest dollar amount.) Multiple Choice $7,500. $9,839. $30,000. $15,000
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