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On January 1, 2021, Solo Inc. issued 1,200 of its 12%, $1,000 bonds at 97.8....

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Accounting

On January 1, 2021, Solo Inc. issued 1,200 of its 12%, $1,000 bonds at 97.8. Interest is payable semiannually on January 1 and July 1. The bonds mature on January 1, 2031. Solo paid $60,000 in bond issue costs. Solo uses straight-line amortization. What is the carrying value of the bonds reported in the December 31, 2021, balance sheet?

Multiple Choice

$1,440,000

$1,236,240

$1,122,240

$1,500,000

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