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Starlight Drive-Ins borrowed money by issuing $3,000,000 of 7% bonds payable at 98.5. Requirements R1....

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Question

Accounting

Starlight Drive-Ins borrowed money by issuing $3,000,000 of 7% bonds payable at 98.5.

Requirements

R1. How much cash did Starlight receive when it issued the bonds payable?

R2. How much must Starlight pay back at maturity?

R3. How much cash interest will Starlight pay each six months?

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