On January 1, 2021, Anne Teak Furniture issued $100,000 of 10% bonds, dated January 1....
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Accounting
On January 1, 2021, Anne Teak Furniture issued $100,000 of 10% bonds, dated January 1. Interest is payable semiannually on June 30 and December 31. The bonds mature in 15 years. The annual market rate for bonds of similar risk and maturity is 12%. What was the issue price of the bonds? (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Multiple Choice
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$89,273.
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$94,273.
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$86,235.
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$40,549.
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