E6-13 (L05) (Computation of Bond Liability) Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations
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E6-13 (L05) (Computation of Bond Liability) Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s bikes.
After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $2,000,000 of 11% term corporate bonds on March 1, 2017, due on March 1, 2032, with interest payable each March 1 and September 1. At the time of issuance, the market interest rate for similar financial instruments is 10%.
Instructions As the controller of the company, determine the selling price of the bonds.
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