SONG Company has outstanding bonds originally issued at a premium. During 2015, the unamortized bond...
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Accounting
SONG Company has outstanding bonds originally issued at a premium. During 2015, the unamortized bond premium decreased from $12,978 to $10,935. The annual interest (coupon) paid was $10,800. The market rate of interest was 12% when the bond was issued.
Required:
Calculate:
- Interest expense for 2015
- The face value of the bond, to the nearest thousand
c) The coupon rate of the bond
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