· On January 1, 2014, DogChow Corp. issued bonds with a face value of $2,000,000 and acoupon rate of 6% for 10 years. The market rate of interest is 4%and the bonds pay interest semi-annually. On January 2, 2015, DogChow Corp. reacquired the bonds on the open market for $2,240,000and retired them.
· The issue price of thebonds will be?
· The total amount ofinterest on the bonds after the first two interest periods assumingthat Dog Chow uses the effective-interest method of amortizing bondpremiums and discounts will be?
· The gain or loss onretirement of the bonds assuming that the firm had used theeffective-interest method of amortizing bond premiums anddiscounts?
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