On July 1, 2021, Swifty Satellites Corporation issued $1,400,000 of 10-year, 9% bonds to yield a market interest rate of 8%. The bonds pay semi-annual interest on July 1 and January 1. Swifty has a December 31 year end and records adjusting entries annually. Swifty received $1,495,137 when issuing the bonds. Click here to view the factor table.
On July 1, 2021, Swifty Satellites Corporation issued $1,400,000 of 10-year, 9% bonds to yield a market interest rate of 8%. The bonds pay semi-annual interest on July 1 and January 1. Swifty has a December 31 year end and records adjusting entries annually. Swifty received $1,495,137 when issuing the bonds. Click here to view the factor table.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 96PSB
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