Solved: Abc corp issued 6000000 of 8 debentures on january 1 2016, Accounting Basics

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Abc corp issued 6000000 of 8 debentures on january 1 2016

Question - ABC Corp. issued $6,000,000 of 8% debentures on January 1, 2016. The bonds pay interest semiannually on July 1 and January 1. The maturity date on these bonds is January 1, 2024. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%.

Required: Compute present value of the bonds and the amortization table.

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Accounting Basics: Abc corp issued 6000000 of 8 debentures on january 1 2016

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