On November​ 1, 2017, Austin S

FratBro23
Category:
Accounting
Price: $5 USD

Question description

On November​ 1, 2017, Austin Services issued​ $305,000 of​ five-year bonds with a stated rate of​ 12%. The bonds were issued at​ par, and Austin makes semiannual payments on April 30 and October 31. On December​ 31, 2017, Austin made an adjusting entry to accrue interest at​ year-end. No further entries were made until April​ 30, 2018, when the first payment was made. What amount of interest expense was recorded for the period of January 1 to April​30, 2018?


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