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Question: Determining bond amounts Sonic Drive-Ins borrowed money by issuing $2,000,000 of 9% bonds payable at 91.5.
Requirements: 1. How much cash did Sonic receive when it issued the bonds payable?
2. How much must Sonic pay back at maturity?
3. How much cash interest will Sonic pay each six months?
Fully describe the issue and state why and how it effects the individual taxpayer
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