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Determine the carrying value of the bonds on december

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Question - No-More-Caviar Corporation issued ten-year term bonds on January 1, 2020, with a face value of $800,000: The face interest rate is 6 percent and interest payable semi-annually on June 30th and December 31st. The bonds were issued for $690,960 to yield an effective annual interest rate of 8 percent. The effective interest method of amortization is to be used. Determine the carrying value of the bonds on December 31, 2020.

Reference no: EM133168406

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