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On January 2012, Lower Under Co announced an offer to issue bonds with a $200,000 par value, a 10% annual contract rate with interest payable semi-annually, and with a three-year life to gain some liquidity given the current market conditions. Interest payments are due on April 1 and October 1 of each year. Lower Under agrees to make six payments over the three years of the bond. Bonds are issue on April 1st 2012, maturity date is April 1, 2015 and the market rate on April 1st 2012 is 8%. Lower Under Co. closes its books annually on December 31 and uses the effective interest method.
Problem 1: The amortization of the bond premium or discount on period 3 is (round to the nearest dollar):
a. $2,000b. None of the other alternatives are correct / Not enough data provided to calculate itc. No amortization because bonds were issued at pard. $1,710e. $1,581
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