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Find what amount did pecan receive from the bond issuance

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Reference no: EM132999161

Problem 1: PECAN Company issued ?10,000,000 face value bonds at 95 plus accrued interest on March 1, 2021. PECAN Company paid bond issue cost of ?1,000,000. The bonds were dated November 1, 2020, mature on November 1, 2025, and bear interest at 12% payable semiannually on November 1 and May 1. What amount did PECAN receive from the bond issuance?

Option 1: ? 8,900,000

Option 2: ? 9,500,000

Option 3: ? 8,500,000

Option 4: ? 8,700,000

Reference no: EM132999161

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