Patton Company purchased $1,500,000 of 10% bonds of Scott Company on January 1, 2018, paying $1,410,375. The bonds mature January 1, 2028; interest is payable each July 1 and January 1. The discount of $89,625 provides an effective yield of 11%.
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Perine, Inc., has balance sheet equity of $5.4 million. At the same time, the income statement shows net income of $783,000. The company paid dividends of $438,480 and has 100,000 shares of stock outstanding.
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