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What is the amount of interest expense

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Question - Seven years ago, in January 20X0, Sterling issued $3,000,000 of 10-year, 9% bonds that pay interest semi-annually on June 30 and December 31. The bonds were issued when the market rate was 8%. Bond issuance costs were $200,000. The December 31, 20X6, payment of the semi-annual interest was recorded as a debit to interest expense of $135,000 and a credit to cash of $135,000.

Required -

Provide the journal entry to record the issuance of bonds.

What is the amount of interest expense and interest paid to record in June 30 and December 31, 20x6?

Reference no: EM132789050

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