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Feb 1 Tudhope needs to raise capital for a factory expansion. The board of directors has just concluded negotiations with an underwriter to issue $500,000
Feb 1 Tudhope needs to raise capital for a factory expansion. The board of directors has just concluded negotiations with an underwriter to issue $500,000 of 8%, 15-year callable bonds with interest payment dates of July 31 and Jan 31. The bonds are issued on Feb 1, 2019, at 102.5. Wright's year end is December 31 and effective interest is used. The annual market rate on Feb 1 is 7%
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