Brown Company issued $ 1 0 0 million of its 7 % bonds on April 1 ,

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Question:

Brown Company issued $

100

million of its

7 %

bonds on April

1, 2024

85 (

85

million

)

plus accrued interest. The bonds are dated January

1, 2024

and have an effective interest rate of

8 % .

Interest is payable semiannually on June

30

and December

31 .

What amount did Brown receive from the bond issuance?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Apr 25, 2024 08:58 PM

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Brown Company issued $ 1 0 0 million of its 7 % bonds on April 1 ,

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Income Tax Fundamentals 2013

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