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zimovet [89]
2 years ago
14

Cullumber Company received proceeds of $1176000 on 10-year, 6% bonds issued on January 1, 2019. The bonds had a face value of $1

248000, pay interest annually on December 31, and have a call price of 103. Cullumber uses the straight-line method of amortization. What is the amount of interest Cullumber must pay the bondholders in 2019?
Business
1 answer:
Alik [6]2 years ago
6 0

Answer:

$74,880

Explanation:

The computation of the amount of interest Cullumber must pay the bondholders is shown below:

= Face value of the bond × interest rate

where,

Face value of the bond is $1,248,000

And the interest rate is 6%

So, the amount of interest paid is

= $1,248,000 × 6%

= $74,880

We simply multiplied the face value of the bond with the interest rate so that the amount of interest expense could come

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