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1. (12 marks) SONG Company has outstanding bonds originally issued at a premium. During 2015, the unamortized bond premium decreased from $12,978 to $10,935. Annual

(12 marks)

SONG Company has outstanding bonds originally issued at a premium. During 2015, the unamortized bond premium decreased from $12,978 to $10,935. Annual interest (coupon) paid was $10,800. The market rate of interest was 12% when the bond was issued.

Required:

Calculate:

Interest expense for 2015 (4 marks)

The face value of the bond, to the nearest thousand (4.5 marks)

The coupon rate of the bond (3.5 marks)

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