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What is the balance of the bonds payable on october

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Question - On October 1, 2011, Sammy Company issued 8,000,000 of its 10-year 8% term bonds dated October 1, 2011. The bonds were sold to yield 10%. Interest is paid every April 1 and October 1.

a. How much was the total proceeds from the issuance of the bonds?

b. What is the balance of the bonds payable on October 1, 2020?

c. What is the balance of the discount/premium on bond payable on December 31, 2020? Indicate whether discount/premium.

Reference no: EM133172671

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