Question: On June 30, 2021 Singleton Computers issued 6% stated rate bonds with a face amount of $300 million. The bonds mature on June 30, 2026

On June 30, 2021 Singleton Computers issued 6% stated rate bonds with a face amount of $300 million. The bonds mature on June 30, 2026 (15 years) The market rate of interest for similar bonds was 5% (2.5% semi annual rate). Interest is paid semiannually (3%) on June 30th and December 31, beginning on December 31, 2021.

a. Determine the price of the bond on June 30, 2021.

b. Calculate the interest expense Singleton reports in 2021 for these bonds.

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