8 A corporation issues $13 million in bonds on January 1, 2023. The bonds have a ten-year termand pay interest semiannually on June 30 and December 31 each year. Below is a partial bondamortization schedule for the bonds:Cash PaidDate01/01/202306/30/2023 $780,000 $813,59412/31/2023815,94606/30/2024818,46212/31/2024821,155InterestExpense780,000780,000780,000Increase inCarryingValue$33,59435,94638,46241,155What is the carrying value of the bonds as of December 31, 2024?CarryingValue$11,622,77811,656,37211,692,31811,730,78011,771,935

The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable. The…

A corporation issues $13 million in bonds on January 1, 2023. The bonds have a ten-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Cash Paid Interest Expense Date 01/01/2023 06/30/2023 $780,000 $813,594 12/31/2023 780,000 815,946 06/30/2024 780,000 818,462 12/31/2024 780,000 821,155 Increase in Carrying Value $33,594 35,946 38,462 41,155 What is the carrying value of the bonds as of December 31, 2024? Carrying Value $11,622,778 11,656,372 11,692,318 11,730,780 11,771,935

A corporation issues $13 million in bonds on January 1, 2023. The bonds have a ten-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Cash Paid Interest Expense Date 01/01/2023 06/30/2023 $780,000 $813,594 12/31/2023 780,000 815,946 06/30/2024 780,000 818,462 12/31/2024 780,000 821,155 Increase in Carrying Value $33,594 35,946 38,462 41,155 What is the carrying value of the bonds as of December 31, 2024? Carrying Value $11,622,778 11,656,372 11,692,318 11,730,780 11,771,935

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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