question archive A corporation issues $18,000,000 of 10% bonds to yield interest at the rate of 8%
A corporation issues $18,000,000 of 10% bonds to yield interest at the rate of 8%
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A corporation
issues $18,000,000 of 10% bonds to yield interest at the rate of 8%.
(a) Was the amount of cash received from the sale of the bonds greater or less than $18,000,000?
(b) Identify the following terms related to the bond issue:
(1) Face amount,
(2) Market or effective rate of interest,
(3) Contract rate of interest, and
(4) Maturity amount.
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