On February 1, 2024, Sanyal Motor Products issued 9% bonds, dated February 1, with a...
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On February 1, 2024, Sanyal Motor Products issued 9% bonds, dated February 1, with a face amount of $60 million. The bonds mature on January 31, 2028 (four years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $60,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. Required: 1. Determine the price of the bonds
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