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On April 1, 2021, Bramble Corporation issued $312,000, 5-year bonds. On this date, Shoreline Corporation purchased the bonds from Bramble to earn interest. Interest is
On April 1, 2021, Bramble Corporation issued $312,000, 5-year bonds. On this date, Shoreline Corporation purchased the bonds from Bramble to earn interest. Interest is received semi-annually on April 1 and October 1 and Shoreline's year end is March 31. Below is a partial amortization schedule for the first three interest periods of the bond issue. Interest Received Interest Revenue Amortization Semi-Annual Interest Period April 1, 2021 October 1, 2021 April 1, 2022 October 1, 2022 $6,240 6,240 6,240 Bond Amortized Cost $326,387 325,043 323,679 322,294 $4,896 4,876 4,855 $1,344 1,364 1.385 Were the bonds purchased at a discount or at a premium? Bonds purchased at a What is the face value of the bonds? Face value of the bonds $ Question Part Score /1 What will the bonds' amortized cost be at the maturity date? Bonds' amortized cost at the maturity date $ Question Part Score --/1 What is the bonds' contractual interest rate? The market interest rate? (Round answers to 2 decimal places, eg. 52.75.) Annual Semi-annual Contractual interest rate % % Market interest rate % %
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