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On January 1, 2009, Seldon issues $450,000 of 10%, 15 year bonds at a price of 93 1/4. Six years later, on January 1, 2015, Seldon retires 20% of these bonds by buying them on the open market at 109 1/4. All interest is accounted for and paid through December 31, 2014, the day before the purchase. The straight-line method is used to amortize any bond discount.
1. How much does the company receive when it issues the bonds on January 1,20092. What is the amount of the discount on the bonds at January 1, 2009?3. How much amortization of the discount is recorded on the bonds for the entire period from January 1, 2009 through December 31, 2014?4. What is the carrying value of the bonds as of the close of business on December 31, 2004? What is the carrying value of the soon to be retired bonds at the same time?5. How much did the company pay on January 1, 2015 to purchase the bonds that it retired?
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