Week 3 - Textbook Questions

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Week 3: Textbook Questions Chapter 16: Complex Financial Instruments and Chapter 17: Earnings Per Share Brandon Anh Pham Chapter 16: Complex Financial Instruments BE 16.4: Ginseng Inc. On January 1, 2023, Ginseng Inc. entered into a forward contract to purchase U.S. $6,000 for CAD $6,336 in 30 days. On January 15, the fair value of the contract was $40 (reflecting the present value of the future cash flows under the contract). Assume that the company would like to update its records on January 15. a. Prepare only the necessary journal entries on January 1 and 15, 2023. Journal Entry: Jan 1 No Entry Needed Journal Entry: Jan 15 Derivatives - Financial Asset / Financial Liability 40 Gain on Derivatives 40 To record gain on the forward contract b. Explain which financial risks the transaction exposes the entity to. The transaction of entering a forward contract to purchase US currency with Canadian currency exposes the entity to financial risks such as market risks. More specifically, the entity would face currency risks, which IFRS defines as the risk that the fair value or future cash flows of a financial instrument would fluctuate due to changes in the foreign exchange rates. Another risk the entity faces is liquidity risk. Despite the short-term nature of the transaction, a contract of 30 days, having cash flows tied up or restricted as a result of entering the contract may affect the liquidity of the entity. For example, in the event the entity has a liability that needs to be paid within the duration of the contract, the $6,336 cash amount would be tied up and possibly cannot be used to pay the liability. Alternatively, by entering the contract, the entity is effectively taking on a liability of $6,336 by promising to pay this amount by the end of the contract in return for $6,000 USD

BE 16.5: Ginseng Inc. Use the same facts, except that the forward contract is a futures contract that trades on the Futures Exchange. Ginseng Inc. was required to deposit $30 with the stockbroker as a margin. Prepare the journal entries to update the books on January 1 and 15. Journal Entry: Jan 1 Derivatives - Deposit 30 Cash 30 To record deposit on forwards contract Journal Entry: Jan 15 Derivatives - Financial Asset / Financial Liability 40 Gain on Derivatives 40 To record gain on the forward contract BE 16.11: MacGregor Ltd. On January 1, 2023, MacGregor Ltd. issued 1,000 five year, 10% convertible bonds at par of $1,000, with ‐ interest payable each December 31. Each bond is convertible into 100 common shares, and the current fair value of each common share is $6. Similar straight bonds carry an interest rate of 12%. a. Calculate the PV of the debt component by itself. Show calculations using any of the following methods: (1) factor tables, (2) a financial calculator, or (3) Excel function PV. Present Value of Debt RATE (Market Interest Rate) 12% NPER (Number of Periods on Convertible Bonds) 5 PMT (Interest Payments on Bonds) ¿ 1,000 Bonds× ( $ 1,000 BondValue× 10% Annual Interest Payment ) ¿ 1,000 Bonds× ( $ 100 Annual Interest Payment ) ¿ $ 100,000 Annual Interest Payments - 100,000 FV (Future Value of Bonds) ¿ 1,000 Bonds×$ 1,000 FutureValue of EachBond ¿ $ 1,000,000 FutureValue of Bonds - 1,000,000 TYPE (End of the Period, Type 0) 0 PV $927,904.48 b. How should MacGregor record the issuance if it follows IFRS? Use the amount you arrived at in part (a) using a financial calculator or Excel, rounded to the nearest dollar. Journal entry: January 1 Cash 1,000,000 Bonds Payable 927,904

Contributed Surplus - Conversion Rights 72,096 To record issuance of 1,000 convertible bonds c. How should MacGregor record the issuance if it follows ASPE? Journal entry: January 1 Cash 1,000,000 Bonds Payable 1,000,000 To record issuance of 1,000 convertible bonds E 16.8: Various Complex Financial Instruments A company knows that it will require a large quantity of euros to pay for some imports in three months. The current exchange rate is satisfactory, and as a result, the company purchases a forward contract committing it to acquire 10 million euros at the current exchange rate in three months’ time. Type of Financial Instrument Involved Forwards Contracts; there is a commitment from both parties up front to enter a transaction at a specified price at a specified date in the future When Should the Financial Instruments be Recognized in the Financial Statements The financial instruments would be recognized at the specified date of the contract or when the fair value of the contract changes since the inception date of the contract Which Measurement Should be Used for Accounting Purposes For accounting purposes, forward contracts are measured at Fair-Value How are Gains or Losses Recorded Gains or losses both unrealized and realized are booked through Net Income What are the Differences between ASPE and IFRS A shipping company uses large quantities of fuel to power its ships. Shipping rates are set well in advance of when the actual transportation of goods will take place. The company purchases forward contracts for fuel to ensure that it knows the price it will have to pay for fuel in the future. The contracts are exchange traded futures. ‐ Type of Financial Instrument Involved Futures Contracts; similar to forward contracts with the exception that futures are standardized, are exchange traded (market values readily available), settled through clearing houses, a requirement for collateral in “margin” account When Should the Financial Instruments be Recognized in the Financial Statements If the margin/deposit has been booked financial instrument should be recognized in the financial statements at the date of when the contract is entered, otherwise the financial instrument would be recognized when the transaction occurs Which Measurement Should be Used for Accounting Purposes For accounting purposes, futures contracts are measured at Fair-Value How are Gains or Losses Recorded

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Gains or Losses are recorded in Net Income What are the Differences between ASPE and IFRS An exporting company exports a significant amount of wheat to China. To protect itself against the risk that prices will drop significantly, it uses a just in time inventory management system to keep stock at ‐ ‐ the lowest possible levels. Type of Financial Instrument Involved Primary Financial Instrument When Should the Financial Instruments be Recognized in the Financial Statements When the transaction occurs Which Measurement Should be Used for Accounting Purposes Fair Value How are Gains or Losses Recorded Through Net Income What are the Differences between ASPE and IFRS A manufacturing company uses a large quantity of steel in its products. To ensure that the cost of this steel is known, the company enters into executory contracts where it agrees to take delivery of predetermined quantities of steel at predetermined prices in the future. Type of Financial Instrument Involved Forward Contract When Should the Financial Instruments be Recognized in the Financial Statements At the time of the transaction and/or when the present value of the future net cash flows under the contract Which Measurement Should be Used for Accounting Purposes Fair Value How are Gains or Losses Recorded Net Income What are the Differences between ASPE and IFRS A company pays a shareholder $5,000 for the right to buy 500 of its own common shares for $25 per share at a future date. The contract is not net settleable. Type of Financial Instrument Involved Forward Contract to Buy Shares When Should the Financial Instruments be Recognized in the Financial Statements At the time of the transaction Which Measurement Should be Used for Accounting Purposes

Fair Value How are Gains or Losses Recorded Net Income What are the Differences between ASPE and IFRS A company enters into a futures contract with a margin account to sell its grain for $2,500. Type of Financial Instrument Involved Futures Contract When Should the Financial Instruments be Recognized in the Financial Statements At the date of entering the contract, the margin account is recognized Which Measurement Should be Used for Accounting Purposes Fair Value How are Gains or Losses Recorded Net Income What are the Differences between ASPE and IFRS A company issues preferred shares on January 1, 2023, with the following terms and conditions: the shares are redeemable by the company for $50/share on January 1, 2026, and the redemption price doubles every 12 months after January 1, 2026. Type of Financial Instrument Involved When Should the Financial Instruments be Recognized in the Financial Statements Which Measurement Should be Used for Accounting Purposes How are Gains or Losses Recorded What are the Differences between ASPE and IFRS A company issues debt with detachable warrants. The warrants can be sold separately, and they entitle the holder to purchase one share at a future date for a predetermined price. Type of Financial Instrument Involved Hybrid/Compound Instrument When Should the Financial Instruments be Recognized in the Financial Statements Which Measurement Should be Used for Accounting Purposes Fair Value

How are Gains or Losses Recorded What are the Differences between ASPE and IFRS A company issues debt that, at the option of the holder, can be converted into 100,000 common shares of the company. Type of Financial Instrument Involved When Should the Financial Instruments be Recognized in the Financial Statements Which Measurement Should be Used for Accounting Purposes How are Gains or Losses Recorded What are the Differences between ASPE and IFRS A company issues shares that can be redeemed for a fixed amount at the request of the shareholder at any time. Type of Financial Instrument Involved When Should the Financial Instruments be Recognized in the Financial Statements Which Measurement Should be Used for Accounting Purposes How are Gains or Losses Recorded What are the Differences between ASPE and IFRS

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E 16.9: Issuance and Conversion of Bonds On March 1, 2023, Loma Corporation issued $300,000 of 8% non convertible bonds at 104, which are ‐ due on February 28, 2043. In addition, each $1,000 bond was issued with 25 detachable stock warrants, each of which entitled the bondholder to purchase one of Loma’s no par value common shares for $50. The bonds without the warrants would normally sell at 95. Loma prepares its financial statements in accordance with IFRS. Cash 312,000 Bonds Payable 285,000 Contributed Surplus – Due to Stock Warrants 27,000 To record the issuance of $300,000 of 8% convertible bonds Grand Corp. issued $10 million of par value, 9% convertible bonds at 97. If the bonds had not been convertible, the company’s investment banker estimates they would have been sold at 93. Grand has adopted ASPE and would like to explore all options available to report the convertible bond. Option 1: More Easily Measurable Part Cash 9,700,000 Bonds Payable 9,300,000 Contributed Surplus - Convertible Option 400,000 To record issuance of convertible bonds Option 2: Assign Zero Equity Cash 9,700,000 Bonds Payable 9,700,000 To record issuance of convertible bonds Hussein Limited issued $20 million of par value, 7% bonds at 98. One detachable stock purchase warrant was issued with each $100 par value bond. At the time of issuance, the warrants were selling for $6. Hussein has adopted ASPE. Option 1: More Easily Measurable Part Cash 19,600,000 Bond Payable 18,400,000 Contributed Surplus - Stock Warrant 1,200,000 To record issuance of bonds at 98 with detachable stock warrant Option 2: Assign Zero Equity Cash 19,600,000 Bonds Payable 19,600,000

To record issuance of bonds at 98 with detachable stock warrant On July 1, 2023, Tien Limited called its 9% convertible bonds for conversion. The $10 million of par value bonds were converted into 1 million common shares. On July 1, there was $75,000 of unamortized discount applicable to the bonds, and the company paid an additional $65,000 to the bondholders to induce conversion of all the bonds. At the time of conversion, the balance in the account Contributed Surplus—Conversion Rights was $270,000, and the bond’s fair value (ignoring the conversion feature) was $9,955,000. The company records conversion using the book value method. IFRS Accounting Standards Bonds Payable 9,925,000 Loss on Redemption of Bonds 65,000 Contributed Surplus - Conversion Rights 270,000 Common Shares 10,195,000 Cash 65,000 To record induced conversion of bonds ASPE Accounting Standards Bonds Payable 9,925,000 Loss on Redemption of Bonds 30,000 Retained Earnings 35,000 Contributed Surplus - Conversion Rights 270,000 Common Shares 10,195,000 Cash 65,000 To record induced conversion of bonds On December 1, 2023, Horton Company issued 500 of its $1,000, 9% bonds at 103. Attached to each bond was one detachable stock warrant entitling the holder to purchase 10 of Horton’s common shares. On December 1, 2023, the fair value of the bonds, without the stock warrants, was 95. Horton prepares its financial statements in accordance with IFRS. Cash 515,000 Bonds Payable 475,000 Contributed Surplus - Stock Warrants 40,000 To record issuance of bonds with detachable stock warrants

E 16.10: Daisy Inc. Daisy Inc. issued $6 million of 10 year, 9% convertible bonds on June 1, 2023, at 98 plus accrued interest. ‐ The bonds were dated April 1, 2023, with interest payable April 1 and October 1. Bond discount is amortized semi annually. Bonds without conversion privileges would have sold at 97 plus accrued ‐ interest. On April 1, 2024, $1.5 million of these bonds were converted into 30,000 common shares. Accrued interest was paid in cash at the time of conversion. Assume that the company follows IFRS. a. Prepare the entry to record the issuance of the convertible bonds on June 1, 2023. Cash 5,880,000 Bonds Payable 5,820,000 Contributed Surplus - Conversion Privileges 60,000 To record issuance of convertible bonds b. Prepare the entry to record the interest expense at October 1, 2023, by pro‐rating the number of months. Start by calculating the effective rate on the bonds using (1) a financial calculator or (2) Excel functions. Round the effective rate to four decimal places. Assume that interest payable was credited when the bonds were issued. (Round to nearest dollar.) Effective Interest Rate NPER Number of Interest Payment Periods = ¿ 19 Full Interest Periods + 4 Months 6 Months ∂ Period 19.666667 PMT Interest Payment = FaceValue of Bond×Semi Annual Interest Rate Interest Payment = $ 6,000,000 × 4.5% = $ 270,000 Annual Interest 9% ,Semi − Annual Interest Rate = 9% 2 = 4.5% - 270,000 PV 5,820,000 FV - 6,000,000 TYPE 0 Interest Rate 4.738% Therefore, the effective interest rate on the bonds would be 4.738%.

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c. Prepare the entry(ies) to record the conversion on April 1, 2024. (The book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made. Journal Entry: April 1, 2024 Bond Payable 1,457,049 Contribution Surplus - Conversion Privileges 15,000 Common Shares 1,472,049 To record the conversion of $1.5 million of bonds to common shares d. Repeat part (c) by using (1) a financial calculator or (2) Excel functions to calculate the bond discount. (Round to the nearest dollar.) Present Value of Bonds at April 1, 2024 RATE (Semi-Annual Interest of Annual Rate 9%) 4.74% NPER (1 Year has passed remaining period is 18 interest payments) 18 PMT (Interest Payment) -270000 FV (Face Value of Bond) -6000000 TYPE (Assumed Payment at End of Period) 0 PV $5,828,197.6 6 e. Assume that Daisy follows ASPE. Discuss how the issuance of convertible bonds is recorded, and prepare the entry(ies) to record the issuance of the convertible bonds on June 1, 2023. Under ASPE accounting standards, the issuance of convertible bonds is recorded using either of two methods: 1) Residual Method with the More Easily Measurable Component, 2) Valuing Equity Component at Zero as an Accounting Policy Choice. Option 1: Easily Measurable Component Cash 5,880,000 Bonds Payable 5820000 Contributed Surplus - Conversion Privileges 60000 To record issuance of convertible bonds Option 2: Assign Zero Equity Policy

Cash 5,880,000 Bonds Payable 5,880,000 To record issuance of convertible bonds E 16.17: Tiamund Corporation On January 1, 2023, Tiamund Corp. sold at 103, 100 of its $1,000 face value, five year, 9% non ‐ ‐ convertible, retractable bonds. The retraction feature allows the holder to redeem the bonds at an amount equal to three times net income, to a maximum of $1,200 per bond. Tiamund has net income of $250, $350, and $450 for the fiscal years ended December 31, 2023, 2024, and 2025, respectively. Tiamund prepares its financial statements in accordance with ASPE. a. Prepare the entry to record the issuance of the bonds. Cash 103,000 Bond Payable 100,000 Contributed Surplus - Non-Convertible, Retractable Bond Options 3,000 To record the issuance of 100, $1,000 face value bonds with Non-Convertible Retractable Options Alternatively; Cash 103,000 Bond Payable 103,000 To record the issuance of 100, $1,000 face value bonds with Non-Convertible Retractable Options b. Using straight‐line amortization, how much would the bonds be carried at on the statement of financial position for the 2023, 2024, and 2025 year ends? Carrying Value of Bond Amortized Cost Retraction Feature Higher of Two Options (Max $1,200 per Bond) December 31, 2023: 102,400 75,000 102,400 December 31, 2024: 101,800 105,000 105,000 December 31, 2025: 101,200 135,000 120,000

Chapter 17: Earnings Per Share BE 17.1: Tanel Corporation The 2023 income statement of Tanel Corporation showed net income of $860,000, which included a loss from discontinued operations of $140,000. Tanel had 25,000 common shares outstanding all year. a. Calculate earnings per share for 2023 as it should be reported to shareholders. Round to the nearest cent. Income Available to Common Shareholders Number of Common Shares Earnings Per Share Total Income 1,000,000 25,000 40 Loss From Discontinued Operations 140,000 25,000 5.6 Net Income 860,000 25,000 34.40 Therefore, the Earnings Per Share (EPS) that should be reported to the shareholders would be $40 from Income from Continuing Operations, -$5.60 from Loss from Discontinued Operations, and $34.40 from Net Income. b. Discuss why Tanel’s reporting of EPS is useful to financial statement users. Tanel’s reporting of EPS is useful to financial statement users because it helps investors understand the amount of income that is being earned by each common share. In other words, EPS calculations help investors know how much of a company’s available income is directly attributable to the shares that they have invested in as they have a residual interest in the company. BE 17.6: Dencil Corporation Dencil Corporation had 600,000 common shares outstanding on January 1, 2023. On March 1, 2023, Dencil issued 150,000 shares. On September 1, 2023, Dencil repurchased and cancelled 50,000 shares. Calculate Dencil’s weighted average number of shares outstanding for the year ended December 31, 2023. Round to the nearest share. Weighted Average Number of Shares Outstanding Shares Outstanding Fraction of Year Weighted Shares January 1 - February 28 600,000 2/12 100,000 March 1 - August 31 750,000 6/12 375,000 September 1 - December 31 700,000 4/12 233,333 Weighted Average Number of Shares 708,333

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Outstanding Therefore, the weighted average number of shares outstanding is 708,333 shares. E 17.1: Manfred Manufacturers On January 1, 2023, Manfred Manufacturers had 300,000 common shares outstanding. On April 1, the corporation issued 30,000 new common shares to raise additional capital. On July 1, the corporation declared and distributed a 10% stock dividend on its common shares. On November 1, the corporation repurchased on the market 10,000 of its own outstanding common shares to make them available for issuances related to its key executives’ outstanding stock options. Calculate the weighted average number of shares outstanding as at December 31, 2023. Round to the nearest share. Weighted Average Number of Common Shares Outstanding Start Date End Date Shares Outstanding Restatement Fraction of Year Weighted Shares 01-Jan 31-Mar 300,000 1.10 25% 82,500 01-Apr 30-Jun 330,000 1.10 25% 89,742 01-Jul 31-Oct 363,000 33% 121,000 01-Nov 31-Dec 353,000 17% 58,833 Weighted Average Number of Common Shares Outstanding 352,075 Therefore, the weighted average number of common shares outstanding is 352,075. The restatement factor was calculated by multiplying the shares outstanding by 10% to restate the number of shares outstanding before the stock dividend has been declared and issued. Assume that Manfred Manufacturers had a 1-for-10 reverse stock split instead of a 10% stock dividend on July 1, 2023. Calculate the weighted average number of shares outstanding as at December 31, 2023. Round to the nearest share. Weighted Average Number of Common Shares Outstanding Start Date End Date Shares Outstanding Restatemen t Fraction of Year Weighted Shares 01-Jan 31-Mar 300,000 0.10 25% 7,500 01-Apr 30-Jun 330,000 0.10 25% 8,158 01-Jul 31-Oct 33,000 33% 11,000 01-Nov 31-Dec 23,000 17% 3,833 Weighted Average Number of Common Shares Outstanding 30,492

Therefore, the weighted average number of common shares outstanding in this scenario with the 1-for- 10 reverse stock split would be 30,492 shares.

E 17.3: Koala Inc. Koala Inc., a publicly traded company, had 210,000 common shares outstanding on December 31, 2022. During 2023, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For 2023, the company reported net income of $229,690 after a loss from discontinued operations of $40,600 (net of tax). a. Calculate the weighted average number of common shares. Weighted Average Number of Common Shares Date Start Date End Outstanding Shares Fraction of Year Weighted Shares 31-Dec-22 30-Apr-23 210,000 33% 70,000 01-May- 23 31-Oct-23 218,000 50% 109,000 31-Oct-23 31-Dec-23 204,000 17% 34,000 Weighted Average Number of Common Shares 213,000 Thus, the weighted average number of common shares at the end of 2023, is 213,000. b. Calculate earnings per share for 2023 as it should be reported to shareholders. Round to the nearest cent. Income Available to Common Shareholders Number of Common Shareholders Earnings Per Share Income from Continued Operations 270,290 213,000 1.27 Loss from Discontinued Operations -40,600 213,000 -0.19 Net Income 229,690 213,000 1.08 c. Assume that Koala issued a 3-for-1 stock split on January 31, 2024, and that the company’s financial statements for the year ended December 31, 2023, were issued on February 15, 2024. Calculate earnings per share for 2023 as it should be reported to shareholders. Round to the nearest cent. January 1, 2024: Stock Split 3-for-1 ¿ 213,000 SharesOutstanding ∈ 2023 × 3 = 639,000 Income Available to Common Shareholders Number of Common Shareholders Earnings Per Share Income from Continued Operations 270,290 639,000 0.42 Loss from Discontinued Operations - 40,600 639,000 -0.06 Net Income 639,000 0.36

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229,690 d. Discuss why Koala’s reporting of earnings per share is useful for financial statement analysis. With regards to financial statement analysis, earnings per share is a highly sought-after standard of measurement used to assess the effectiveness of management stewardship as well as predicting the company’s future value. This information can be used by interested potential investors as well as current investors of the company to gain insight into the amount of income that is earned by each common share. As previously discussed, since investors of the company’s common shares ultimately have residual interest in the company (both whether the company performs well or not), reporting the earnings per share is useful for investors as they determine whether the return on investment on investing in the company’s common shares is worth it. e. Is it possible for a corporation to have a simple capital structure one fiscal year and a complex capital structure in another fiscal year? If yes, how could this happen? It is entirely possible for a corporation to have a simple capital structure during one fiscal year and then a complex capital structure in another fiscal year. For example, if a company initially started business operations with a simple capital structure, then shifted towards a complex capital structure in the following year due to need of capital to further promote company growth and performance. In this case, it is likely that the company would have started with a simple capital structure consisting of common shares and non-convertible preferred shares and/or debt without conversion rights in one fiscal year. However, in the next fiscal year, due to need to generate capital, the company may proceed with issuing potential common/ordinary shares that have a dilutive or negative effect on earnings per common share, thus resulting in the company having a complex capital structure in that fiscal year. f. How would Koala’s EPS reporting requirements differ if the company were a privately owned company using ASPE? One major difference between the accounting standards with regards to EPS reporting requirements is that ASPE accounting standards does not prescribe any guidelines or standards for calculating EPS at all. In other words, EPS standards would only apply to companies that are following IFRS accounting standards. It is entirely possible that in this situation Koala may not report EPS if they were a privately owned company following ASPE accounting guidelines.

E 17.10: Fallon Inc. On June 1, 2021, Gustav Corp. and Gabby Limited merged to form Fallon Inc. A total of 800,000 shares were issued to complete the merger. The new corporation uses the calendar year as its fiscal year. On April 1, 2023, the company issued an additional 400,000 shares for cash. All 1.2 million shares were outstanding on December 31, 2023. Fallon also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2023. Each $1,000 bond converts to 40 common shares at the annual interest date. None of the bonds have been converted to date. If the bonds had been issued without the conversion feature, the annual interest rate would have been 10%. Fallon is preparing its annual financial statements for the fiscal year ended December 31, 2023. The financial statements will show earnings per share figures based on a reported after-tax net income of $1,540,000. (The tax rate is 30%. Rounding to the nearest share, determine for 2023 the number of shares to be used in calculating: Basic earnings per share Weighted Average Number of Common Shares Start Date End Date Shares Outstanding Fraction of Year Weighted Average Share 01-Jan-23 01-Apr-23 800,000 25% 200,000 01-Apr-23 31-Dec- 23 1,200,000 75% 900,000 Weighted Average Number of Common Shares 1,100,000 Diluted earnings per share Face Value of Debt Issued 600,000 Each $1,000 bond issued converts to 40 Common Shares 1,000 Number of $1,000 bonds issued 600 Number of Common Shares if Converted 24,000 Rounding to the nearest cent, determine for 2023 the earnings figures to be used in calculating: Basic earnings per share Net Income 1,540,000 Weighted Average Number of Common Shares 1,100,000 Earnings per Common Share ¿ Net Income Weighted Average Number of CommonShares 1.40

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Diluted earnings per share (use a financial calculator or Excel functions in arriving at the calculations for the bonds) Diluted Earnings Per Share Present Value of Bonds Issued Present Value of Bond 497,837 RATE 10% NPER 20 Interest on Bond 24,892 PMT - 48,000 Interest Tax (30%) 7,468 FV - 600,000 After-Tax Interest on Bond 17,424 TYPE - PV $497,837 Net Income 1,540,000 After Tax Interest on Bond 17,424 Interest Component Total Net Income 1,557,424 PV 497,837.24 Interest Rate 10% Partial Period 0.5 Interest on Bond 24,892

Week 3 - Textbook Questions

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