Answer the following statements true (T) or false (F)
1. When using the effective-interest amortization method, the discount amortization is the excess of the calculated interest expense based on the stated interest rate over the interest payment.
2. When using the effective-interest amortization method, the amount of the interest expense is calculated using the carrying value of the bonds and the market interest rate.
3. When using the effective-interest amortization method, the amount of the interest expense is calculated using the face value of the bonds and the market interest rate.
4. When using the effective-interest amortization method, the amount of the interest expense is calculated using the face value of the bonds and the stated interest rate.
5. When using the effective-interest amortization method, the amount of the interest payment is calculated using the face value of the bonds and the stated interest rate.
1. FALSE
2. TRUE
3. FALSE
4. FALSE
5. TRUE
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