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Find balance sheet reflect total liabilities associated

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Problem 1: On January 1 of Year 1, Congo Express Airways issued $3,600,000 of 8% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $3,306,800 and the market rate of interest for similar bonds is 9%. The bond premium or discount is being amortized at a rate of $9,773 every six months. After accruing interest at year end, the company's December 31, Year 1 balance sheet should reflect total liabilities associated with the bond issue in the amount of:

A. $3,924,000.
B. $3,326,346.
C. $4,068,000.
D. $3,873,654.
E. $3,470,346.

Reference no: EM132736669

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