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INTEREST PAYMENTS AND INTEREST EXPENSE FOR BONDS (STRAIGHT LINE)
On December 31, 2007, Philips Corporation issued bonds with a total face amount of $800,000 and a stated rate of 9 percent.
Required:
1. Calculate the interest expense for 2008 if the bonds were sold at par.
2. Calculate the interest expense for 2008 if the bonds were sold at a premium and the straight-line premium amortization for 2008 is $2,300.
3. Calculate the interest expense for 2008 if the bonds were sold at a discount and the straight-line discount amortization for 2008 is $1,700.
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