Business, 01.03.2021 21:50 Jessietorres2123
Company A paid $1,198,000 for 10%, 20-year bonds with a face amount of $1 million on July 1, Year 1. Interest is paid on December 31 and June 30. The bonds were purchased to yield 8%. Company A uses the effective interest rate method to recognize interest income from this investment. The bonds are properly classified as held-to-maturity. What should be reported as the carrying amount of the bonds in Company A's December 31, Year 1, balance sheet?A. $1,198,000.
B. $1,195,920.
C. $1,193,050.
D. $1,207,900.
Answers: 3
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Company A paid $1,198,000 for 10%, 20-year bonds with a face amount of $1 million on July 1, Year 1....
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