DeKay Dental Supplies issued $10,000 of 20-year bonds on January 1, 2021. The bonds pay interest semiannually. This is a partial bond amortization schedule for the bonds.
Payment Cash Effective interest Decrease in Balance Outstanding Balance
9,080
1 400 409 9 9,089
2 400 409 9 9,089
3 400 409 9 9,107
4 400 410 10 9117
Requied:
What is the stated annual rate of interest on the bonds?
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DeKay Dental Supplies issued $10,000 of 20-year bonds on January 1, 2021. The bonds pay interest sem...
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