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Compute the carrying amount of the bonds payable

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Parkview Magazine issued $360,000 of 15-year, 8% callable bonds payable on July 31, 2016, at 9494. On July 31, 2019, Parkview called the bonds at 102. Assume annual interest payments.

Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2019.

(Assume bonds payable are amortized using the straight-line amortization method.)

1. The carrying amount of the bonds payable at issuance (July 31, 2016) is

2. The discount on the bonds at issuance amounts to

3. The carrying amount of the bonds payable at July 31, 2019 is

Reference no: EM131760002

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