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Cruise Cоrpоrаtiоn holds 60 percent of the voting common shаres of Lаrry’s Trucking Co. On January 1, 20X6, Larry’s purchased $50,000 par value, 10 percent first mortgage bonds of Cruise from Lane for $58,000. Cruise originally issued the bonds to Lane on January 1, 20X4, for $53,000. The bonds have a 10-year maturity from the date of issue and pay interest semiannually. The bonds are accounted for using straight-line amortization of premiums and discounts What amount of interest expense does Cruise record in 20X6?
Pаper Cоrpоrаtiоn holds 80 percent of the voting shаres of Scissor Company. On January 1, 20X8, Scissor purchased $100,000 par value 12 percent first mortgage bonds of Paper from Cruse for $115,000. Paper originally issued the bonds to Cruse on January 1, 20X6, for $110,000. The bonds have an 8-year maturity from the date of issue. Based on the information given above, what amount of interest expense does Paper record annually?