ABC Corporation Issued $600,000, 10%, 5-Year Bonds on January 1

question 193

Multiple Choice

ABC Corporation issued $600,000, 10%, 5-year bonds on January 1, 2012 for $612,000 when the market interest rate was 8%. Interest is paid semiannually on January 1 and July 1. The corporation uses the effective-interest method to amortize bond premium. The amount of bond interest expense recognized on July 1, 2012 is:

• A) $30,000.
• B) $24,000.
• C) $24,480.
• D) $30,600.

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