Business, 28.11.2020 23:30 23ricorvan

On January 1 of Year 1, Congo Express Airways issued $3,240,000 of 8% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $2,980,000 and the market rate of interest for similar bonds is 9%. The bond premium or discount is being amortized at a rate of $8,667 every six months. After accruing interest at year end, the company's December 31, Year 1 balance sheet should reflect total liabilities associated with the bond issue in the amount of: a.$3,482,666.

b.$2,867,734.

c.$3,126,934.

d.$2,997,334.

e.$3,612,266.

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On January 1 of Year 1, Congo Express Airways issued $3,240,000 of 8% bonds that pay interest semian...

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