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QUESTION
The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project, LHD issued 9% bonds with a face...
The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project, LHD issued 9% bonds with a face amount of $550,000 on November 1, 2013. The bonds sold for $502,815, a price to yield the market rate of 10%. The bonds mature October 31, 2033 (20 years). Interest is paid semiannually on April 30 and October 31Required:1.
