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babiaaadiciistinal Interest Rate Sell at Issued at CASE | Stated Interest Rate Market Interest Rate 10% Stated Interest Rate ~ 10% Market Rate Present value of principal to be received at maturity $100,000 x PV of | due in 10 periods at 5% $100,000 x 61391 (Table 1)* $ 61,391 Present value of interest to be received periodically over the term of the bonds $5,000 x PV of | due periodically for 10 periods at 5% $5,000 x 7.72173 (Table 2)* 38,609 Present value of bonds $100,000 Appendix C Bonds selll at face value CASE 2 Stated Interest Rate Market Interest Rat Stated Interest Rate — 8% Market Rate Present value of principal to be received at maturity $100,000 x 67556 (Table |) $ 67.556 Present value of interest to be received periodically over the term of the bonds $5,000 x 8.11090 (Table 2) 40,555 Present value of bonds $108,111 Bonds sell at a premium CASE 3 Stated Interest Rate Market Interest Rat 10% Stated Interest Rate ~ 12% Market Rate Present value of principal to be received at maturity $100,000 x .55839 (Table |) $55,839 Present value of interest to be received periodically over the term of the bonds $5,000 x 7.36009 (Table 2) Present value of bonds Bonds sell at a discount at 96 with interest payable semi-annually on July | and January |. Date of Issue Jan. 1 Cash 96,000 Discount on Bonds Payable 4,000 Bonds Payable 100,000 ‘Computation of Amortization — Straight-Line Method Bond Discount + =| Amortization $400 Interest Date July | Interest Expense 5,400 Discount on Bonds Payable 400 Cash 5,000 ($100,000 x .10 x 1/2 = $5,000) Year-End Interest Accrual Dec. 31 Interest Expense 5.400 Discount on Bonds Payable 400 Bond Interest Payable 5,000 Statement Presentation (12/31/02) Long-term liabilities Bonds payable 100,000 Less: Discount on bonds payable 3,200

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