Reference no: EM132234183
Question - Accurate Numbers, Inc., issued $100,000 of 10 year, 12% bonds dated April 1, 20X1, for $102,360 on April 1, 20X1. The bonds pay interest on April 1 and October 1. Straight-line amortization is used by the company. What entry is needed at October 1 for the first interest payment?
A. Interest expense 5,882
Premium on bonds payable 118
Cash 6,000
B. Interest expense 6,118
Discount on bonds payable 118
Cash 6,000
C. Interest expense 6,000
Premium on bonds payable 118
Cash 6,118
D. Interest expense 6,000
Cash 6,000
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