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What is the carrying amount of the investment

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Question - On July 1, 2016, Cody Company paid 1,198,000 of 10%, 20-year bonds with a face amount of 1,000,000. Interest is paid on June 30 and December 31.

The bonds were purchased to yield 8%. The effective interest method is used to recognize interest income from this long-term investment. What is the carrying amount of the investment in bonds on December 31, 2016?

Reference no: EM132878872

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