On March 31,2010, Willey market issues $150,000 worth of 10-year, eight percent bonds when the market rate was 9%. Proceeds were $140,000. The interest is paid annually on March 31.
A. What is the annual interest payment?
B. What is the amount of interest expense on the date of the first interest payment?
C. What is the carrying value at the end of the first year?
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