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5.Benton Company issues \$10,000,000 of 10-year, 9% bonds on

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5.Benton Company issues \$10,000,000 of 10-year, 9% bonds on March 1, 2007 at 97 plus accrued interest. The bonds are dated January 1, 2007, and pay interest on June 30 and December 31. What is the total cash received on the issue date? (Points: 1)
\$9,700,000
\$10,225,000
\$9,850,000
\$9,550,000

6. A company issues \$20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are \$19,604,145. Using effective-interest amortization, how much interest expense will be recognized in 2007? (Points: 1)
\$780,000
\$1,560,000
\$1,568,498
\$1,568,332

7. A company issues \$20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2006. Interest is paid on June 30 and December 31. The proceeds from the bonds are \$19,604,145. Using straight-line amortization, what is the carrying value of the bonds on December 31, 2008? (Points: 1)
\$19,670,231
Submitted: 6 years ago.
Category: Homework
Expert:  Neo replied 6 years ago.

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Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting

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