Discount-Mart issues $19 million in bonds on January 1, 2021. The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Carrying Increase in Interest Cash Paid Date Carrying Value Value Expense 01/01/2021 $16,942,755 06/30/2021 $950,000 $1,016,565 $66,565 17,009,320 12/31/2021 950,000 1,020,559 17,079,879 70,559 06/30/2022 950,000 17,154,672 1,024,793 74,793 12/31/2022 950,000 1,029,280 79,280 17,233,952 What is the carrying value of the bonds as of December 31, 2022? Multiple Choice $19,133,952 $17,079,879 $17,154,672. $17,233,952.

Discount-Mart issues $19 million in bonds on January 1, 2021. The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Carrying Increase in Interest Cash Paid Date Carrying Value Value Expense 01/01/2021 $16,942,755 06/30/2021 $950,000 $1,016,565 $66,565 17,009,320 12/31/2021 950,000 1,020,559 17,079,879 70,559 06/30/2022 950,000 17,154,672 1,024,793 74,793 12/31/2022 950,000 1,029,280 79,280 17,233,952 What is the carrying value of the bonds as of December 31, 2022? Multiple Choice $19,133,952 $17,079,879 $17,154,672. $17,233,952.

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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Question

Discount-Mart issues $19 million in bonds on January 1, 2021. The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial
bond amortization schedule for the bonds:
Carrying
Increase in
Interest
Cash Paid
Date
Carrying Value
Value
Expense
01/01/2021
$16,942,755
06/30/2021
$950,000
$1,016,565
$66,565
17,009,320
12/31/2021
950,000
1,020,559
17,079,879
70,559
06/30/2022
950,000
17,154,672
1,024,793
74,793
12/31/2022
950,000
1,029,280
79,280
17,233,952
What is the carrying value of the bonds as of December 31, 2022?
Multiple Choice
$19,133,952
$17,079,879
$17,154,672.
$17,233,952.

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