Question
On December 31, 2018, Interlink Communications issued 6% stated rate bonds with a face amount of $107 million. The bonds mature on December 31, 2048.
On December 31, 2018, Interlink Communications issued 6% stated rate bonds with a face amount of $107 million. The bonds mature on December 31, 2048. Interest is payable annually on each December 31, beginning in 2019.
Determine the price of the bonds on December 31, 2018, assuming that the market rate of interest for similar bonds was 7%.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
14th Edition
1119707110, 978-1119707110
