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On January 1, 2020, Sage Hill Inc. issued $390,000 of 5-year, 4% bonds to yield a market interest rate of 5%. Interest is paid every
On January 1, 2020, Sage Hill Inc. issued $390,000 of 5-year, 4% bonds to yield a market interest rate of 5%. Interest is paid every quarter on January 1, April 1, July 1, and October 1. Sage Hill has a calendar year end. After recording the December 31, 2021 accrual for quarterly interest, and making the payment on January 1, 2022, all the bonds were redeemed at 102. Use Excel or a financial calculator to determine how much the company received from the sale of these bonds. The company received $
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