Business
Business, 06.10.2019 10:30, lukeperry

Xyz corporation issued $4,000,000 of 9%, ten-year convertible bonds on july 1, 2014 at 99 plus accrued interest. the bonds were dated april 1, 2014 with interest payable april 1 and october 1. bond discount is amortized semiannually on a straight-line basis. on april 1, 2015, $800,000 of these bonds were converted into 500 shares of $20 par value common stock. accrued interest was paid in cash at the time of conversion. what was the effective interest rate on the bonds when they were issued?

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Xyz corporation issued $4,000,000 of 9%, ten-year convertible bonds on july 1, 2014 at 99 plus accru...

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