A Company Issued $100,000 5-Year,7% Bonds and Received $101,137 in Cash.The

question 83

Multiple Choice

A company issued $100,000 5-year,7% bonds and received $101,137 in cash.The market rate of interest when the bonds were issued was 6.5%.What is the amount of interest expense to be recorded for the first annual interest period if the company uses simplified effective-interest amortization?

• A) $6,573.91
• B) $7,000.00
• C) $6,500.00
• D) $7,079.59

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