On January 1, the Elias Corporation issued 10% bonds with a face value of $113,000. The bonds are sold for $110,740. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, ten years from now. Elias records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31 of the first year is.

The bond interest expense for the year ended December 31, of the first year is $5,650

Explanation:

We will need to calculate the total annual interest expense on the bond which we are given as 10% of the face value. We will then divide the total interest on the bond by 2 because the pays semi-annual interest.

Total interest expense on the bond will therefore be ; 10% × $113,000

= $11,300

Semi-annual interest expense will now be ;

= $11,300/2

= $5,650

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