Which one of the following is not correct?
a. For debt issued at par: interest expense reported on the income statement equals the cash paid for interest.
b. For bond repurchases: Gain (loss. on bond repurchase = Cash paid to repurchase – Net book value of bonds.
c. For debt issued at a discount: interest expense reported on the income statement equals cash interest payment less amortization of the discount.
d. For debt issued at a premium, interest expense reported on the income statement equals cash interest payment less amortization of the premium.
e. All of the above are correct.