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A company issues $20,000,000, 7.8%, 20-year bonds to yiel d 8% on January 1, 2013....

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Question

Accounting

A company issues $20,000,000, 7.8%, 20-year bonds to yiel

d 8% on January 1, 2013. Interest is paid on June 30 and

December 31. The proceeds from the bonds are $19,604,144. Us

ing straight-line amortization, what is the carrying value

of the bonds on December 31, 2015?

a. $19,670,232

b. $19,940,624

c. $19,633,832

d. $19,663,522

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