Sheridan Company issues $20800000 of 10-year, 10% bonds on March 1, 20


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Sheridan Company issues $20800000 of 10-year, 10% bonds on March 1, 2017 at 98 plus accrued interest. The bonds are dated January 1, 2017, and pay interest on June 30 and December 31. What is the total cash received on the issue date?

Sale price $15.00 Regular price $30.00

Sheridan Company issues $20800000 of 10-year, 10% bonds on March 1,
2017 at 98 plus accrued interest. The bonds are dated January 1, 2017, and pay interest on June 30 and December 31. What is the total cash received on the issue date?

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