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What adjusted balance in the bonds payable account should be

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Reference no: EM132578422

Question 1: On January 1, 2020, Neeson Ltd. issued $ 2,000,000, 5% bonds, which mature on January 1, 2027. The bonds were issued for $ 2,120,045 to yield 4%. Neeson uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. At December 31, 2020, the adjusted balance in the Bonds Payable account should be:

Select one:

a. $ 2,120,045.

b. $ 2,104,847.

c. $ 2,000,000.

d. $ 2,135,243.

Reference no: EM132578422

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