Question
Benton Company issues $10,000,000 of 10-year, 12% bonds on April 1, 2017 at 98 plus accrued interest. The bonds are dated January 1, 2017, and
Benton Company issues $10,000,000 of 10-year, 12% bonds on April 1, 2017 at 98 plus accrued interest. The bonds are dated January 1, 2017, and pay interest on June 30 and December 31. What is the total cash received on the issue date?
Select one:
a.$9,800,000
b.$10,100,000
c.$9,950,000
d.$10,166,667
e.$10,400,000
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Introductory Financial Accounting for Business
Authors: Thomas Edmonds, Christopher Edmonds
1st edition
1260299449, 978-1260299441
