Medhurst Corporation issued $87,594 in bonds for $98,782. The bonds had a stated rate of 2% and pay interest quarterly. What is the amount of the first interest payment? Round to the nearest penny, two decimals.

Medhurst Corporation issued $87,594 in bonds for $98,782. The bonds had a stated rate of 2% and pay interest quarterly. What is the amount of the first interest payment? Round to the nearest penny, two decimals.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 8EA: Medhurst Corporation issued $90,000 in bonds for $87,000. The bonds had a stated rate of 8% and pay...

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