Crane Company issues $24000000, 4%, 5-year bonds dated January 1, 2020 on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 3%. What are the proceeds from the bond issue? 1.5% 2.0% 3% 4% Present value of a single sum for 5 0.92826 0.90573 0.86261 0.82193 periods Present value of a single sum for 10 0.86167 0.82035 0.74409 0.67556 periods Present value of an annuity for 5 4.78264 4.71346 4.57971 4.45182 periods Present value of an annuity for 10 9.22218 8.98259 8.53020 8.11090 periods O $24000000 O $25099221 O $25106726 O $25095151

Crane Company issues $24000000, 4%, 5-year bonds dated January 1, 2020 on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 3%. What are the proceeds from the bond issue? 1.5% 2.0% 3% 4% Present value of a single sum for 5 0.92826 0.90573 0.86261 0.82193 periods Present value of a single sum for 10 0.86167 0.82035 0.74409 0.67556 periods Present value of an annuity for 5 4.78264 4.71346 4.57971 4.45182 periods Present value of an annuity for 10 9.22218 8.98259 8.53020 8.11090 periods O $24000000 O $25099221 O $25106726 O $25095151

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 96PSA

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