Homework Answers
| Date | Cash paid |
Interest Expense |
Decrease in Carrying value |
Carrying Value |
| 01/01/2021 | $644,161 | |||
| 12/31/2021 | $42,000 | $38,650 | $3,350 | $640,811 |
| 12/31/2022 | $42,000 | $38,449 | $3,551 | $637,259 |
Explanation:
- Cash paid = Face value x stated rate = $600,000 x 7% = $42,000
- Interest expense = Preceding carrying value x 6%
- Decrease in carrying value = Cash paid - Interest expense
- Carrying value = Preceding carrying value - Decrease in carrying value
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