OldSchool Books bought $16 million of 10% bonds at face value on September 1, 2024....
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Accounting
OldSchool Books bought $16 million of 10% bonds at face value on September 1, 2024. These bonds have a stated date of June 1, 2024 and are 10 year bonds that mature on May 30, 2034. The interest on these bonds is paid semiannually - June 1 and December 1.
When these bonds were issued, OldSchool Books would receive cash proceeds that would include accrued interest of:
Multiple Choice
-Zero.
-$200,000.
-$1.6 million.
-$400,000.
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