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Find the amortization of the bond discount

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Reference no: EM131584838

Question - On July 1, 2016, Merideth Industries Inc. issued $43,200,000 of 10-year, 4% bonds at a market (effective) interest rate of 5%, receiving cash of $39,832,698. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.

The interest payment on June 30, 2017, and the amortization of the bond discount, using the interest method. (Round to the nearest dollar.)

Reference no: EM131584838

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