On January 1, 2019, Rodila Corporation issued $1,400,000 of 12-year, 10% bonds at an effective...
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Accounting
On January 1, 2019, Rodila Corporation issued $1,400,000 of 12-year, 10% bonds at an effective interest rate of 8%. The bonds make a cash interest payment each year on December 31. What is the carrying value of the bonds (i.e., the remaining bond liability) on December 31, 2024 (after 6 years have passed)?
Select one:
a. $1,492,739.55
b. $1,529,440.63
c. $1,278,052.70
d. $1,400,000.00
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