(Answered) Question - flint inc has issued three types of debt on

Accounting

Question - Flint Inc. has issued three types of debt on January 1, 2017, the start of the company's fiscal year.

(a) $10 million, 9-year, 13% unsecured bonds, interest payable quarterly. Bonds were priced to yield 10%.

(b) $29 million par of 9-year, zero-coupon bonds at a price to yield 10% per year.

Prepare a schedule that identifies the following items for each bond:

(1) Maturity value,

(2) Number of interest periods over life of bond,

(3) Stated rate per each interest period,

(4) Effective-interest rate per each interest period,

(5) Payment amount per period, and

(6) Present value of bonds at date of issue.

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