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Problem - On January 1, 2011, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below:
Payment
Cash Payment
Effective Interest
Increase in Balance
Outstanding Balance
6,726,682
1
324,800
336,334
11,534
6,738,216
2
336,911
12,111
6,750,327
3
337,516
12,716
6,763,043
4
338,152
13,352
6,776,395
5
338,820
14,020
6,790,415
6
339,521
14,721
6,805,136
~
38
394,944
70,144
7,969,016
39
398,451
73,651
8,042,667
40
402,133
77,333
8,120,000
Required:
(1) What is the face amount of the bonds?
(2) What is the initial selling price of the bonds?
(3) What is the term to maturity in years?
(4) Interest is determined by what approach?
(5) What is the stated annual interest rate?
(6) What is the effective annual interest rate?
(7) What is the total cash interest paid over the term to maturity?
(8) What is the total effective interest expense recorded over the term to maturity?
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