83. A company issues $25,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2024. Interest is paid on June 30 and December 31. The proceeds from the bonds are $24,505,201. If the effective-interest method of amortization is used, what carrying value of the bonds will be reported on the December 31, 2024 balance sheet? a. $24,515,825 b. $25,000,000 c. $24,531,405 d. $24,510,385 Ans: A, LO: 1, Bloom: AP, Difficulty: Difficult, Min: 4, AACSB: Knowledge, AICPA BC: None, AICPA AC: Measurement Analysis and Interpretation, AICPA PC: None, IMA: Reporting & Control: Financial Recordkeeping, IFRS: None Solution: $24,505,201 + [($24,505,201 x .04) - $975,000] + [($24,510,387 x .04) - $975,000] = $24,515,825