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Compute what was the amount of accrued interest received

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On March 31, 2018 Levis Company issued $20,000,000 face amount of 7%, 5-year bonds payable, with interest payable each June 30 and December 31. The company received cash of $20,200,000, including the accrued interest from December 31, 2017. Levis uses the straight-line method of amortizing any discount or premium over the remaining life of the bonds - 57 months.

Question i. What was the amount of accrued interest received by Louis on March 31, 2018 when the bonds were issued?

Question ii. What was the amount of discount or premium on the bonds at issuance date?

Question iii. What amount of cash is paid to bondholders for interest during year 2018?

Question iv. What is Levis ' total interest expense for year 2018 related to this bond issue?

Question v. What is the carrying value of this bond issue as of December 31, 2018?

Reference no: EM132569299

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