Culver Corporation, having recently issued a annual sinking fund deposits of $620,000. The return of 10%.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Culver Corporation, having recently issued a $20,062,200, 15-year bond issue, is committed to make
annual sinking fund deposits of $620,000. The deposits are made on the last day of each year and yield a
return of 10%.
Click here to view factor tables
Determine the amount of deficiency. (Round factor values to 5 decimal places, e.g. 1.25124 and final
answer to 0 decimal places, e.g. 458,581.)
Deficiency $
Transcribed Image Text:Culver Corporation, having recently issued a $20,062,200, 15-year bond issue, is committed to make annual sinking fund deposits of $620,000. The deposits are made on the last day of each year and yield a return of 10%. Click here to view factor tables Determine the amount of deficiency. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Deficiency $
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