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Determine the carrying value of the bonds on January

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Question - 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.

a. $500,000

b. $500,750

c. $512,259

d. $514,250

e. $513,648

Reference no: EM133041769

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