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Question - Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Fool's customers are small, family-owned businesses. Assume that Pool issued bonds with a face value of $780,000,000 on January 1 of this year and that the coupon rate is 6 percent. At the time of the borrowing, the annual market rate of interest was 2 percent. The debt matures in 9 years, and Pool makes interest payments semiannually on June 30 and December 31.
Required -
1. What was the issue price on January 1 of this year?
2. What amount of interest expense should be recorded on June 30 and December 31 of this year?
3. What amount of cash interest should be paid on June 30 and December 31 of this year?
4. What is the book value of the bonds on June 30 and December 31 of this year?
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