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On April 1, 2020 Everjoy Company purchased $60,000 of Miller Corporation's 8% bonds at a purchase price of 105. At the time of purchase
On April 1, 2020 Everjoy Company purchased $60,000 of Miller Corporation's 8% bonds at a purchase price of 105. At the time of purchase the market rate of interest was 6%. Everjoy Company, whose year end is December 31, expects to hold the bonds until their maturity date 5 years from the date of purchase. Interest on the bonds will be paid every April 1 and October 1 until maturity. What is the carrying value (amortized cost) of the bond that Everjoy Company would report on October 1, 2020? Answer: $
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