Business, 22.02.2021 19:20 ttrump03

A company issued 8%, 15-year bonds with a par value of $580,000 that pay interest semiannually. The market rate on the date of issuance was 8%. The journal entry to record each semiannual interest payment is: A. Debit Bond Interest Expense $23,200; credit Cash $23,200.
B. Debit Bond Interest Expense $46,400; credit Cash $46,400.
C. Debit Bond Interest Payable $38,667; credit Cash $38,667.
D. Debit Bond Interest Expense $530,000; credit Cash $530,000.
E. No entry is needed, since no interest is paid until the bond is due.

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A company issued 8%, 15-year bonds with a par value of $580,000 that pay interest semiannually. The...

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