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How do determine the carrying value of the bonds on december

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On March 31, 20x7, BRIT issued for $1,774,000, $2,000,000 face amount of its 10%, $1,000 bonds. The bonds were issued to yield 12%. The bonds are dated July 1, 20x7 and mature on July 1, 20x10. Interest is Payable annually on July 1. BRIT uses the interest method to amortize bond discount.

Problem 1: Determine the carrying value of the Bonds on December 31, 20x7.

Reference no: EM132674227

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