Bond Redemption Decision Armstrong Areo Ace, a flight training school, issued $100,000 of 20-year…
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Bond Redemption Decision
Armstrong Areo Ace, a flight training school, issued $100,000 of 20-year bonds at face value when
the market rate was 10%. The bonds have been outstanding for ten years. The company pays
annual interest on January 1. The current rate for similar bonds is 4%. On January 1, the controller
would like to purchase the bonds on the open market, retire the bonds, then issue $100,000
of ten-year bonds to pay 4% annual interest.
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