TMC issued $55 million of its 12% bonds on April 1, 2021 at 97, reflecting a market rate of interest of 14%, plus accrued interest. The bonds are dated January 1, 2021, and mature on December 31, 2040. Interest is payable semiannually on June 30 and December 31. What amount did TMC receive from the bond issuance? Multiple Choice A. $51.70 million. B. $56.65 million. C. $55.00 million. D. $53.35 million. \
TMC issued $55 million of its 12% bonds on April 1, 2021 at 97, reflecting a market rate of interest of 14%, plus accrued interest. The bonds are dated January 1, 2021, and mature on December 31, 2040. Interest is payable semiannually on June 30 and December 31. What amount did TMC receive from the bond issuance? Multiple Choice A. $51.70 million. B. $56.65 million. C. $55.00 million. D. $53.35 million. \
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 4EB: Chung Inc. issued $50,000 of 3-year bonds on January 1, 2018, with a stated rate of 4% and a market...
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TMC issued $55 million of its 12% bonds on April 1, 2021 at 97, reflecting a market rate of interest of 14%, plus accrued interest. The bonds are dated January 1, 2021, and mature on December 31, 2040. Interest is payable semiannually on June 30 and December 31. What amount did TMC receive from the bond issuance?
Multiple Choice
A. $51.70 million.
B. $56.65 million.
C. $55.00 million.
D. $53.35 million.
\
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