Duncan Industries sold 5120000 of 12 percent bonds on January 1, 2017, when the market...
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Duncan Industries sold 5120000 of 12 percent bonds on January 1, 2017, when the market interest rate was 10 percent and received $129266 for them. The bonds mature on January 1, 2022 and pay interest on June 30 and December 31. Duncan uses the effective interest method of amortization. The total annual cash payment for interest on the bonds is: $12000 514400 $6000 37200
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