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The following amortization and interest schedule reflects the issuance of debenture bonds by Hammerhead Corporation on January 1, 2020, and the subsequent semiannual interest
The following amortization and interest schedule reflects the issuance of debenture bonds by Hammerhead Corporation on January 1, 2020, and the subsequent semiannual interest payments made on June 30 and December 31 each year. Portions of the bond amortization schedule appear below: Payment 12345622 Cash Payment Effective Interest Increase in Balance Outstanding Balance 6,627,273 320,000 331,364 11,364 6,638,637 320,000 331,932 11,932 6,650,569 320,000 332,528 12,528 6,663,097 320,000 333,155 13,155 6,676,252 320,000 333,813 13,813 6,690,065 320,000 334,503 14,503 6,704,568 888 320,000 389,107 69,107 7,851,247 39 320,000 392,562 72,562 7,923,809 40 320,000 396,191 76,191 8,000,000 Required: 1. How much is the face amount of these bonds? 2. How much is the selling price of the bonds? Do not enter $ sign and no commas - only the number.
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