Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 13

Crosby, Inc., sells $1,000,000 general obligation bonds for 98.he interest rate on the bonds, paid quarterly, is 6 percent.alculate ( a ) the amount that the company will actually receive from the sale of the bonds, and ( b ) the amount of both the quarterly and the total annual cash interest that the company will be required to pay.