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  3. on july 1, year 1, knight co. received $103,288 fo

On July 1, year 1, Knight Co. received $103,288 for $100,000 face amount, 12% bonds,...

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Question

Accounting

  1. On July 1, year 1, Knight Co. received $103,288 for $100,000 face amount, 12% bonds, a price that yields 10%. Assuming management does not elect the fair value option, interest expense for the six months ended December 31, year 1, should be:

  1. $6,197
  2. $6,000
  3. $5,164
  4. $5,000

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