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Crane Company issued $976,000 of 7%, 7-year bonds on January 1, 2021
Crane Company issued $976,000 of 7%, 7-year bonds on January 1, 2021. The bonds pay interest annually.
Assuming the market interest rate on January 1, 2021, was 8%, calculate the bond’s issue price. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 0 decimal places, e.g. 1,575.)
Prepare an effective interest amortization table for this bond. (Round answers to 0 decimal places, e.g. 5,275.)
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