on january 1 of the current year, barton corporation issued 8% bonds with a face value of $67,000. the bonds are sold for $64,990. the bonds pay interest semiannually on june 30 and december 31, and the maturity date is december 31, 5 years from now. barton records straight-line amortization of the bond discount. the bond interest expense for the year ended december 31 is

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09-12-2022
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on january 1 of the current year, barton corporation issued 8% bonds with a face value of $67,000. the bonds are sold for $64,990. the bonds pay interest semiannually on june 30 and december 31, and the maturity date is december 31, 5 years from now. barton records straight-line amortization of the bond discount. the bond interest expense for the year ended december 31 is

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-12-19T20:42:18+01:00

If on january 1 of the current year, barton corporation issued 8% bonds with a face value of $67,000. the bond interest expense for the year ended december 31 is $5,762.

How to find the total interest expense?

Discount on the bond = $67,000 - $64,990

Discount on the bond= $2,010

Discount amortized per year = $2,010/5

Discount amortized per year= $402

Coupon payment = $67,000 × 8%

Coupon payment= $5,360

Total interest expense = Coupon payment + Amortization of discount

Total interest expense= $5,360 + $402

Total interest expense= $5,762

Therefore the total interest expense is $5,762.

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