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On January 1styield 10.0%interest is paid semiannuallyJune 30th and December 31 of each year, 2000 the Rahel S. Abate Corporation sold 20,000 of its 12.0%, 25-year, $1,000 face value bond to annually, . Interest payment dates are . The company uses the effective interest method to amortize any bond discounts or premiums. The issuing cost incurred were $500,000, they are to be amortized straight line over the estimated useful life of the bond. On July 01st, 2014, the Rahel S. Abate Corporation retires 6,000 of its bonds through an open market purchase (it repurchases them for cash). At that time the bonds were quoted on the market at a price of 103. Sunny Gavaskar, the Toronto industrialist, had purchased the bonds. Expense/amortize the bond issue cost to Interest Expense.
Required:
Problem 1: Calculate the cash received from the sale of the bonds
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