Question: On June 30, 2016, Singleton Computers issued 4% stated rate bonds with a face amount of $100 million. The bonds mature on June 30, 2031

On June 30, 2016, Singleton Computers issued 4% stated rate bonds

On June 30, 2016, Singleton Computers issued 4% stated rate bonds with a face amount of $100 million. The bonds mature on June 30, 2031 (15 years). The market rate of interest for similar bond issues was 5% (2.5% semiannual rate). Interest is paid semiannually (2.0%) on June 30 and December 31, beginning on December 31, 2016. Required: 1. Determine the price of the bonds on June 30, 2016. 2. Calculate the interest expense Singleton reports in 2016 for these bonds using the effective interest method

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