Sunland Company issues $21100000 of 10-year, 9% bonds on March 1, 2017 at 98 plus accrued...
Sunland Company issues $21100000 of 10-year, 9% bonds on March
1, 2017 at 98 plus accrued interest. The bonds are dated January 1,
2017, and pay interest on June 30 and December 31. What is the
total cash received on the issue date?
| $20678000 |
| $20394500 |
| $21785750 |
| $20994500 |
Homework Answers
|
Cash recieved on issue date = (21,100,000 * 0.98) + (1,899,000 * 2/12) = 20,678,000 + 316,500 = 20,994,500 |
|
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