If $1,034,000 of 6% bonds are issued at 102 1/2, what is the amount of cash received from the sale?
Select the correct answer.
$1,059,850
$1,034,000
$775,500
$1,096,040
Issue price of bond is $ 102 ½ or $ 102.50. So, face value of each bond is $ 100.
Number of bonds issued = Total face value/Face value of each bond
= $ 1,034,000/$ 100 = 10,340
Total cash received = Issue price x Number of bonds = $ 102.5 x 10,340 = $ 1,059,850
Total cash received from the sales is $ 1,059,850
Option “$ 1,059,850” is correct answer.
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