Determining cash receipts from bond issues
Compute the cash proceeds from bond issues under the following terms. For each case, indicate whether the bonds sold at a premium or discount.
a) Pro, Inc., issued $300,000 of 8-year, 7 percent bonds at 101.
b) Sim Co. issued $150,000 of 4-year, 6 percent bonds at 98.
c) Chu Co. issued $200,000 of 10-year, 7 percent bonds at 102 ¼.
d) Sing, Inc., issued $100,000 of 5-year, 6 percent bonds at 97 ½.