On January 1, 2018, Morton Sales Co. issued zero-coupon bonds with a face value of...
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On January 1, 2018, Morton Sales Co. issued zero-coupon bonds with a face value of $6.5 million for cash. The bonds mature in 12 years and were issued at a price of $2,886,065. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required: What will Morton Sales Co. report on these bonds in its December 31, 2018, balance sheet? (Enter your answer rounded to the nearest whole dollar. Round your intermediate calculations to the nearest whole dollar.)
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