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Melon Company issues $1,163,000 of its 16%, 10-year bonds at 96 on February 28, Year 1. The bonds pay interest on February 28 and

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Melon Company issues $1,163,000 of its 16%, 10-year bonds at 96 on February 28, Year 1. The bonds pay interest on February 28 and August 31. Assume that Melon uses the straight-line method for amortization. What net amount will be reported for the bonds on the August 31, Year 1 balance sheet? O $1,118,806 $1,114,154 $1,163,000 O $1,116,480

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