On January 1, 2011, Bishop Company issued 10% bonds dated January 1, 2011, with a face amount of…
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On January 1, 2011, Bishop Company issued 10% bonds dated January 1, 2011, with a face amount of $20 million. The bonds mature in 2020 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. (P/F, 12%, 10)=0.32197, (P/A, 12%, 10)=5.65022, (P/F, 6%, 20)=0.3118, (P/A, 6%,20)=11.46992
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