ACC 2241-On January 1, 2001, Sandstone Corporation purchased
On January 1, 2001, Sandstone Corporation purchased $200,000 face value, 9%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2011, and pay interest annually beginning January 1, 2002. The market rate of interest is 11%. How much did Sandstone pay for the bonds? 11% Interest Table FactorsPeriodPresent Value of $1(Table 6-2)Present Value of an Ordinary Annuity of $1 (Table 6-4)6.534644.230547.481664.712208.433935.146129.390925.5370510.352185.88923
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