A company issues $25,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2019. Interest is paid on June 30 and December 31. The proceeds from the bonds are $24,505,180. Using straight-line amortization, what is the carrying value of the bonds on December 31, 2021?

The carrying value of the bonds on December 31, 2021 is $24,579,403

Explanation:

In this question, we are asked to calculate the value of the bonds on December 31st 2021 using the straight line amortization

Firstly, we identify the following;

Par value of Bonds = $25,000,000

Less: Proceeds from bonds = $24,505,180

Discount on Bonds = Per Value Bonds - Proceeds from bonds = $494,820

Straight Line amortization till December 31,2021 = 494820/40*6= 74223

Carrying value of the bonds on December 31, 2021 = 24505180+74223= 24579403

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.