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What is the carrying value of the bonds

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Question: ABC company issued $10,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 20X4. Interest is paid on June 30 and December 31. The proceeds from the bonds are $9,802,072. ABC company uses the effective-interest amortization method.

Prepare journal entries to record the following:

a) Interest payment of June 20

b) Interest payment of December 31.

c) What is the carrying value of the bonds on the December 31, 20X4?

Reference no: EM132761672

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