On April 1, 2011, Gina Company issued at 99 plus accrued interest, 2,000 of its 8% P1,000 face value bonds. The bonds are dated January 1, 2011, mature on January 1, 2021, and pay interest on January 1 and July 1. What is the net cash received by Gina Company?

On April 1, 2011, Gina Company issued at 99 plus accrued interest, 2,000 of its 8% P1,000 face value bonds. The bonds are dated January 1, 2011, mature on January 1, 2021, and pay interest on January 1 and July 1. What is the net cash received by Gina Company?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6MC: On July 1, a company sells 8-year $250,000 bonds with a stated interest rate of 6%. If interest...

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1. On April 1, 2011, Gina Company issued at 99 plus accrued interest, 2,000 of its 8% P1,000 face value
bonds. The bonds are dated January 1, 2011, mature on January 1, 2021, and pay interest on January
1 and July 1. What is the net cash received by Gina Company?

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