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On July 1, 2023, LIN Inc. issued a five-year, 10% bond of $400,000 for the discount price of $343,811. Interest is to be paid semi-annually
On July 1, 2023, LIN Inc. issued a five-year, 10% bond of $400,000 for the discount price of $343,811. Interest is to be paid semi-annually on June 30 and December 31. The company's year end is July 31. Assume the market rate of interest was 14% on the issuance date and the discount is amortized using the straight-line method.
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Fundamental Accounting Principles Volume II
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
1259261433, 978-1260305838
