On January 2, 2008, West Company issued 9% bonds in the amount of ($500,000) that mature on

Question:

On January 2, 2008, West Company issued 9% bonds in the amount of $$500,000$ that mature on December 31, 2017. The bonds were issued for $$469,500$ to yield 10%. Interest is payable annually on December 31. West uses the effective interest method of amortizing bond discounts.
Required:
In its June 30, 2008 balance sheet, what net amount should West report as bonds payable?

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