Multiple Choice
On January 1, 2007, Nott Co.sold to Day Corp.$400,000 of its 10% bonds for $354,118 to yield 12%.Interest is payable semiannually on January 1 and July 1.What amount should Nott report as interest expense for the six months ended June 30, 2007?
A) $17,706
B) $20,000
C) $21,247
D) $24,000
Correct Answer:
Verified
Correct Answer:
Verified
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