The account “Bonds payable (net)” of the showed balances of $751,314.80 on
December 31, 2017, and $1,035,665.29 on December 31, 2018. A note to the 2018 Financial
Statements disclosed that the bonds outstanding on December 31, 2017 were zero coupon bonds
that were issued a few years ago when the market effective interest rate was 10% (compounded
annually). These bonds were called and retired on the last day of 2018, resulting in a loss of
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$23,553.72. The bonds outstanding on December 31, 2018 were $1,000,000 of 10% coupon bonds
(interest is paid, in cash, annually, on the last day of the year) that were issued on January 1, 2018
What was the made for the retirement of the zero-coupon bonds?
What was the of the Company for 2018?
What was the of interest for the 10% bonds on January 1, 2018 (issue
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