Bonds payable-calculate market value
Response to the following problem:
On March 1, 2008, Matt purchased $189,000 of Lawson Co.'s 8%, 20-year bonds at face value. Lawson Co. has paid the annual interest due on the bonds regularly. On March 1, 2013, market interest rates had risen to 12%, and Matt is considering selling the bonds.
Required: Using the present value tables , calculate the market value of Matt's bonds on March 1, 2013.