Acompany issued 8%, 15-year bonds with a par value of $550,000. the current market rate is 8%. the journal entry to record each semiannual interest payment is:

Debit interest expense by $22,000 semiannually

Similarly, Credit Cash by $22,000 semiannually.

Explanation:

Every year, following two entries will be made to record the coupon payments made semiannually (Each 6 months)

Date: 30 June

Dr.    Interest expense   $22,000

Cr.   Cash                               $22,000

Date: 31 Dec

Dr.    Interest expense   $22,000

Cr.     Cash                                                      $22,000

Entries will repeat until the maturity of bond, i.e. 15 years.

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answer/// equals both average variable cost and average total cost at their respective minimums;