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What amount does braxton receive

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Question - On June 1, Year One, Braxton Company issues $100,000 in bonds payable with a stated annual interest rate of 9 percent at face value plus accrued interest. These bonds pay interest every February 1 and August 1. What amount does Braxton receive and what interest expense is recognized for Year One?

a. Braxton receives $101,500 and interest expense for Year One is recognized as $8,250                  

b. Braxton receives $103,000 and interest expense for Year One is recognized as $5,250    

c. Braxton receives $103,000 and interest expense for Year One is recognized as $8,250    

d. Braxton receives $101,500 and interest expense for Year One is recognized as $5,250

Reference no: EM132911611

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