On January 1,2010,Woodvale Corporation issued five-year term bonds with a face value of $700,000.Interest is payable annually on December 31.The bonds were issued for $727,300.The effective interest method of amortization is used.Ryan reported Bond Interest Expense of $65,457 on its income statement for the year ended December 31,2010.Calculate the effective interest rate for these bonds.

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The Answer of On January 1,2010,Woodvale Corporation issued five-year term bonds with a face value of $700,000.Interest is payable annually on December 31.The bonds were issued for $727,300.The effective interest method of amortization is used.Ryan reported Bond Interest Expense of $65,457 on its income statement for the year ended December 31,2010.Calculate the effective interest rate for these bonds.

On January 1,2010,Woodvale Corporation Issued Five-Year Term Bonds with a Face