a Sheridan Industries, Inc. issued $13,800,000 of 8% debentures on May 1,2024 and received...
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Sheridan Industries, Inc. issued $13,800,000 of 8% debentures on May 1,2024 and received cash totaling $12,244,227. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2028. The firm uses the effectiveinterest method of amortizing discounts and premiums. The bonds were sold to yield an effective rate of 10%. Calculate the total dollar amount of discount or premium amortization during the first year (5/1/24 through 4/30/25) these bonds were outstanding. (Round answers to 0 decimal places, e.g. 5,275.) Sheridan Industries, Inc. issued $13,800,000 of 8% debentures on May 1,2024 and received cash totaling $12,244,227. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2028. The firm uses the effectiveinterest method of amortizing discounts and premiums. The bonds were sold to yield an effective rate of 10%. Calculate the total dollar amount of discount or premium amortization during the first year (5/1/24 through 4/30/25) these bonds were outstanding. (Round answers to 0 decimal places, e.g. 5,275.)
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