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On January 1, 2014, Zappa Enterprises sold 8%, 20-year bonds with a face amount of...

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Accounting

On January 1, 2014, Zappa Enterprises sold 8%, 20-year bonds with a face amount of $1,200,000 for $1,140,000. Interest is payable semiannually on July 1 and January 1. Instructions Calculate the carrying value of the bond at December 31, 2014 and 2015.

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