Jones Company issued $50,000, 5 year, 8% bonds at 98 % plus accrued interest. The interest...
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Jones Company issued $50,000, 5 year, 8% bonds at 98 % plus accrued interest. The interest is paid semiannually on March 1 and September 1. The bonds are dated March 1, Year 1. The date of sale is May 1, Year 1. Calculate the amount of the proceeds - the amount that Smith Company received when the bonds were issued (May 1, year 1). SHOW YOUR WORK Table Jones Company issued $50,000, 5 year, 8% bonds at 98 % plus accrued interest. The interest is paid semiannually on March 1 and September 1. The bonds are dated March 1, Year 1. The date of sale is May 1, Year 1. Calculate the amount of the proceeds - the amount that Smith Company received when the bonds were issued (May 1, year 1). SHOW YOUR WORK Table
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SOLUTION The bonds were issued at 98 plus accrued interest This means that the bonds were issued at ... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
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