On January 1,2013,Diab Services Issued $140,000 of 4-Year Bonds with a Stated

question 18

Multiple Choice

On January 1,2013,Diab Services issued $140,000 of 4-year bonds with a stated rate of 9%.The market rate at time of issue was 8%,so the bonds were issued with a premium and sold for $144,758.Diab uses the effective-interest method to amortize bond premium.Semiannual interest payments are made on June 30 and December 31 of each year.How much interest expense will be recorded when the first interest payment is made?

• A) $5,790
• B) $6,300
• C) $11,200
• D) $1,050

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