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Determine the carrying value of the bonds on january

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Problem 1: Miller Company issues $500,000 of 6%, 5 year bonds at 103 on January 1, 2016. The market rate of interest on the date of issue was 5.03%. The bonds pay interest semiannually on June 30 and December 31. Assuming effective rate method amortization, determine the carrying value of the bonds on January 1, 2017. Round to the nearest dollar.

Option 1: $500,000

Option 2: $500,750

Option 3: $512,259

Option 4: $514,250

Option 5: $513,648

Reference no: EM132945211

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