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Determine the bond issue price on August

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Reference no: EM132758406

Question - Western Company sold $ 1,500,000 of five-year, 12% bonds on August 1, 2017. The effective interest rate is 10% and the interest payment dates are July 31st and January 31st of each year. Yu has a December 31st year end and the company uses the effective interest rate method to amortize the bond discount/premium. Determine the bond issue price on August 1, 2017?

a) $920,850

b) $694,953

c) $1,500,000

d) $1,615,803

e) None of the above

Reference no: EM132758406

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