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Determine the solis adjusted unamortized bond premium

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Question - On January 1, Year 1, Solis Co. issued its 10% bonds in the face amount of $8,000,000, which mature on January 1, Year 10. The bonds were issued for $9,080,000 to yield 8%, resulting in bond premium of $1,080,000. Solis uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. At December 31, Year 1, determine the Solis's adjusted unamortized bond premium?

a. $1,080,000

b. $1,006,400

c. $972,000

d. $812,000

Reference no: EM133091945

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