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Exercise 5 - 2 2 ( Static ) Price of a bond; interest expense [ LO 5 - 9 , 5 - 1 0 ]

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Exercise 5-22(Static) Price of a bond; interest expense [LO5-9,5-10]
On June 30,2024, Single Computers issued 6% stated rate bonds with a face amount of $200 million. The bonds mature on June 30,2039(15 years). The market rate of interest for similar bond issues was 5%(2.5% semiannual rate). Interest is paid semiannually (3%) on June 30 and December 31, beginning on December 31,2024.
Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Required:
Determine the price of the bonds on June 30,2024.
Calculate the interest expense Single reports in 2024 for these bonds using the effective interest method.
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