On january 1, 2019, chin corporation issued $ 3 comma 200 comma 000, 14%, 5 minus year bonds. the bond interest is payable on january 1 and july 1. the bonds sold for $ 3 comma 419 comma 600. the market rate of interest for these bonds was 12%. under the effective minus interest method, what is the interest expense for the six months ending july 1, 2019?

interest expense205,176debit

premium on BP    18824  debit

             cash                      224,000 credit

--to record first interest payment--

Explanation:

procceds3,419,600

face value(3,200,000)

premium on bonds payable219,600

semiannual bond rate14% / 2 = 0.07

semiannual market rate 12% / 2 =0.06

For the cash outlay we do face vbalue x bond rate

For the interest expense we do carrying value x market rate

the difference will be the amortization

3,419,600 x 6% =  205,176

3,200,000 x 7% = 224,000

amortization          18,824

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