On January 1, 2018, Elliot Company sold $400,000 of 10% ten-year bonds. Interest is payable...
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On January 1, 2018, Elliot Company sold $400,000 of 10% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $354,000 priced to yield 12%. Elliot records interest at the effective rate. Elliot should report bond interest expense for the six months ended June 30, 2018 in the amount of
$21,240
$20,000
$24,000
$17,500
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