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AUDITING PRACTICE QUESTIONS SHORT ANSWERS Please answer Part A-D 3. XYZ sold $100,000 Bonds with a coupon rate of 5% and a market rate of

AUDITING PRACTICE QUESTIONS

SHORT ANSWERS

Please answer Part A-Dimage text in transcribed

3. XYZ sold $100,000 Bonds with a coupon rate of 5% and a market rate of 4% on January 2,2019 . The bond has 5 year maturity date and interest is paid annually. Required: a. Using Present Value table compute the value of the bond on the date of the sale. b. Was this bond sold at a discount or premium? c. What is the value of premium or discount? d. Record the payment of the Bond on the date of its maturity

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