Sh4Please help me. Thankyou. On September 6, Irene Westing purchased one bond of Mick Corporation at 94.50%. The bond pays 8% interest on June 1 andDecember 1. The stockbroker told Irene that she would have to pay the accrued interest and the market price of the bond and a $5brokerage fee.What was the total purchase price for Irene? Assume a 360-day year (each month is 30 days) in calculating the accrued interest. (Hint:Final cost Cost of bond + Accrued interest + Brokerage fee. Calculate time for accrued interest.)Note: Round your answer to the nearest cent.Total purchase price

Given, Cost of Bond = 94.5% Interest rate = 8% brokerage fee = $5

Answered: On September 6, Irene Westing purchased…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 1RE

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