On January 1, 2017, Pina Colada Corp. issued $2,800,000 of 5-year, 4% bonds at 94. The bonds pay interest annually on January 1. By January 1, 2019, the market rate of interest for bonds of risk similar to those of Pina Colada Corp. had risen. As a result, the market value of these bonds was $2,480,000 on January 1,2019-below their carrying value. Joanna Glover, president of the company, suggests repurchasing all of these bonds in the open market at the $2,480,000 price. To do so, the company will have to issue $2,480,000 (face value) of new 10-year, 7% bonds at par. The president asks you, as controller, "What is the feasibility of my proposed repurchase plan?" Answer the following. What is the carrying value of the outstanding Pina Colada Corp. 5-year bonds on January 1,2019? (Assume straight-line amortization.) Carrying value of bonds $ eTextbook and Media List of Accounts Attempts: 0 of 4 used Save for Later Check