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On January 1, 2021, Splash City issues $450,000 of 9% bonds, due in 10 years,...

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Accounting

On January 1, 2021, Splash City issues $450,000 of 9% bonds, due in 10 years, with interest payable quarterly each year. Portions of the bond amortization schedule appear below:

Date

Cash paid for interest

Interest expense

Increase in carrying value

Carrying value

1/1/2021

$371,988

3/31/2021

$10,125

$11,160

$1,035

$373,023

6/30/2021

$10,125

$11,191

$1,066

$374,089

*

*

*

*

*

*

*

*

*

*

What is the interest expense reported on December 31, 2021?

Multiple Choice

  • $11,256

  • $10,125

  • $11,191

  • $11,223

Answer & Explanation Solved by verified expert
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