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TB MC Qu.10-111(Algo) A company issued... A company issued 5-year,...

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Accounting

TB MC Qu.10-111(Algo) A company issued...
A company issued 5-year, 7% bonds with a par value of $1,000,000. The market rate when the bonds were issued was 6.5%. The company received $1,010,000 cash for the bonds. Using the straight-line method, the amount of recorded interest expense for the first semiannual interest period is:
$36,000.
$69,000.
$35,000.
$34,000.
$70,000.

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