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QUESTION
Cat construction issued $16 million of its 10% bonds on January 1, 2013, at 98. The bonds are dated January 1, 2013, and mature on December 31, 2018....
Cat construction issued $16 million of its 10% bonds on January 1, 2013, at 98. The bonds are dated January 1, 2013, and mature on December 31, 2018. Interest is payable semiannually on June 30 and December 31. At the time of issuance, Cat would receive cash of:
a. 15,680,000
b. $16,072,000
c. $16,080,000
d. $16,400,000
