Solved: On june 30 2010 the jacobs company sold 800000 of 11 face, Accounting Basics

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On june 30 2010 the jacobs company sold 800000 of 11 face

Question - On June 30, 2010, the Jacobs Company sold $800,000 of 11% face value bonds for $761,150.96. On December 31, 2010 the Jacobs Company sold $700,000 of this same bond issue for $734,645.28. The bonds were dated January 1, 2010, pay interest semiannually on each December 31 and June 30, and are due December 31, 2017.

Required: Compute the effective yield rate on each issuance of the Jacobs Company 11% bonds.

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Accounting Basics: On june 30 2010 the jacobs company sold 800000 of 11 face

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