Question
Millers Inc. authorized and issued $100,000, 10-year, 5% bonds on January 1, 2020. Interest is paid annually on December 31, and the principal is due
Millers Inc. authorized and issued $100,000, 10-year, 5% bonds on January 1, 2020. Interest is paid annually on December 31, and the principal is due upon maturity. The bonds are redeemable at the option of Millers Inc. prior to October 1, 2028, at a specified rate. The bonds are backed by specific assets of the company. The bonds issued by Millers Inc. are best described as Select one:
a Municipal, Secured, Term. Convertible
b. Corporate, Debenture, Term, Callable
c. Corporate, Secured, Term Callable
d. Corporate, Debenture, Serial Callable
e. Corporate, Secured, Serial Callable
f. Municipal Secured, Serial, Callable
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