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Determine the issue price of the bonds

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Reference no: EM132915088

Question - SIMCO Corp. issued bonds on Jan 1, year 20x1. The bonds' face value is $100,000 with a coupon rate of 10% and yield 12%. The bonds are dated January 1, year 20x1 will mature in five years.

SIMCO operates on a calendar year and pays interest once per year on December 31.

Required -

1. Determine the issue price of the bonds?

2. Record the interest expenses at December 31, 20x1.

Reference no: EM132915088

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